This is any item which can be freely bought and sold. Examples include gold, food products and coffee beans.

An offering that is virtually indistinguishable from that of the competition. This lack of differentiation leads to a situation in […]

Costs that are common to several products, processes, activities, departments, territories, etc. Often common costs are subsequently allocated to each […]

A group of countries that use the same currency. This means there is just one monetary policy for the group. […]

A rival good that one cannot prevent others from enjoying. Also known as: common property resource.

A good given for free to a gambler by a casino. Comps are given to encourage gamblers to continue placing […]

A person or country has comparative advantage in the production of a particular good, if the cost of producing an […]

A vendor’s inability to produce a specific item of value at a lower opportunity cost than another vendor can. This […]

Government policy and laws to limit monopoly power and prevent cartels. Also known as: antitrust policy.

A market outcome in which all buyers and sellers are price-takers, and at the prevailing market price, the quantity supplied […]