- A closed economy refers to a country that produces all of its goods and services and does not participate in international trade.
- Collusion occurs when entities or individuals work together to influence the market or pricing in their own interest.
- Trade began when prehistoric people began to exchange goods and services for mutual benefit.
- A commodity is a basic commodity used in trade that is interchangeable with other goods of the same type.
- Comparative advantage is the ability of an economy to produce a particular good or service at a lower opportunity cost than its trading partners.
- Conflict theory focuses on competition between groups within society for limited resources.
- Consumer goods or final goods are goods sold to consumers for their use or enjoyment.
- The Consumer Price Index measures the overall change in consumer prices based on a representative basket of goods and services over time.
- Consumer surplus occurs when the price consumers pay for a product or service is less than the price they are willing to pay.
- Consumerism is the theory that people who consume goods and services in large quantities will live better.