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
dea...
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Freshy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
