World Scholars' Cup
black market - Answer- a secret market in which goods are sold illegally
supply - Answer- a stock of resource from which a person or place can be provided with the necessary amount of that resource
demand - Answer- Consumer willingness and ability to buy products
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World Scholars' Cup
black market - Answer- a secret market in which goods are sold illegally
supply - Answer- a stock of resource from which a person or place can be provided
with the necessary amount of that resource
demand - Answer- Consumer willingness and ability to buy products
deadweight loss - Answer- loss of economic efficiency that can occur when
equilibrium is not achieved or not achievable
Equilibrium - Answer- A state of balance between supply and demand
regulation - Answer- A rule or directive made and maintained by an authority.
perfect competition - Answer- the situation prevailing in a market in which buyers and
sellers are so numerous and well informed that all elements of monopoly are abswnt
and the market price of a commodity is beyond the control of individual buyers and
sellers.
imperfect competition - Answer- the situation prevailing in a market in which
elements of monopoly allow individual producers or consumers to exercise some
control over market prices
monopoly - Answer- the exclusive possession or control of the supply or trade in a
commodity or service.
commodity - Answer- an article of trade or commerce, especially a product as
distinguished from a service.
tax - Answer- a mandatory financial charge imposed upon a taxpayer by a
governmental organization in order to fund various public expenditures.
tariff - Answer- a tax or duty to be paid on a particular class of imports or exports
embargo - Answer- an official ban on trade or other commercial activity with a
particular country
sanction - Answer- a threatend penalty for disobeying a law or rule
arbitrage - Answer- The simultaneous purchase and sale of an asset in order to profit
from a difference in the price
souk - Answer- a market in an Arab community
exchange - Answer- the act of giving one thing and receiving another
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