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WHS PoBF 5.02E
LAP EC 08
| Term | Definition |
|---|---|
| Celler-Kefauver Antimerger Act | A federal regulation intended to protect competitors from takeovers that would limit competition |
| Clayton Act | A federal regulation intended to prevent specific business actions that might prohibit competition (e.g., tying agreements and exclusive agreements) |
| Competition | The rivalry among two or more businesses to attract scarce customer dollars |
| Direct competition | Rivalry between or among businesses that offer similar types of goods or services |
| Efficient | Using minimum amounts of resources to the best advantage |
| Exclusive agreement | An illegal agreement that forbids customers from buying goods and services from competitors |
| Federal Trade Commission Act | A federal regulation that established a regulatory agency, the Federal Trade Commission (FTC), to monitor business activities in order to prevent unfair competition |
| Indirect competition | Rivalry between or among businesses that offer dissimilar goods or services |
| Market structure | The type of market, or environment, in which businesses operate |
| Monopolistic competition | A type of market structure in which a lot of businesses sell similar products that have only a few differences |
| Monopoly | A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available |
| Nonprice competition | A type of rivalry between or among businesses that involves factors other than price (e.g., customer services, modern facilities, trained personnel, and variety of products) |
| Oligopoly | A market structure in which there are relatively few sellers and industry leaders usually determine prices |
| Perfect competition | A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers; also known as pure competition |
| Price competition | A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars |
| Price discrimination | An illegal activity in which a business charges different customers different prices for similar amounts and types of products |
| Price fixing | Illegal business agreement in which businesses agree on prices of their goods or services, resulting in little choice for the customer |
| Private enterprise system | An economic system in which individuals and groups, rather than the government, own or control the means of production—the human and natural resources and capital goods used to produce goods and services |
| Rebate | A return of part of the price a customer pays for a good or service; usually offered by the product’s manufacturer |
| Regulated monopoly | Monopoly that the government allows to exist legally |
| Robinson-Patman Act | A federal regulation that prohibits price discrimination |
| Scarce | Limited |
| Sherman Antitrust Act | A federal regulation intended to prevent monopolies from forming and prices from being fixed |
| Standard of living | The general conditions in which people live; quality of life |
| Tying agreements | An illegal agreement requiring a customer to buy other products in order to obtain desired goods and services |
Created by:
VNelsonWHS
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