market - an arrangement that bring sellers and buyers together for economic transactions, supply - the total amount of goods and services offered for sale at various prices, demand - the total amount of goods and services consumers are willing to buy at various prices, equilibrium price - the price at which the quantity supplied in the market matches the quantity demanded in the market, absolute advantage - condition that occurs when someone can produce goods and services cheaper than other producers, comparative advantage - condition that occurs when someone can produce at a lower opportunity cost than other producers, specialization - the development of skills and knowledge associated with one job or one area of expertise, pure competition - a market structure characterized by many producers supplying the same product and very few barriers to entry in the market, monopolistic competition - a market structure characterized by many producers supplying similar but varied products with few barriers to entry to the market, oligopoly - a market structure characterized by very few producers supplying similar products with high barriers to entry in the market, monopoly - a market structure characterized by one producer with a unique product and very high barriers to entry in the market,

Unit 02: The Market and Trade

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