A promise by a vendor to refund the purchase price of a good, should the customer be unsatisfied. This reduces […]

The amount of money an employer pays to a worker. Also known as: nominal wage.

Market in which a single firm produces all the goods that are sold.

A firm that is the only seller of a product without close substitutes. Also refers to a market with only […]

The power that a firm has to control its own price. The fewer close substitutes for the product are available, […]

A form of economic profits, which arise due to restricted competition in selling a firm’s product. See also: economic profit.

A market characterized by many vendors but only one buyer.

This term originated in the insurance industry to express the problem that insurers face, namely, the person with home insurance […]

A loan contracted by households and businesses to purchase a property without paying the total value at one time. Over […]

A financial asset that uses mortgages as collateral. Investors receive payments derived from the interest and principal of the underlying […]