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Collusion occurs when entities or individuals work together to influence the market or pricing in their own interest. Acts of collusion include price fixing, synchronized advertising and insider information sharing. Antitrust and whistleblowing laws help prevent collusion. Abenomics
September 25, 2022 Abenomics is a set of economic policies championed by Japanese Prime Minister Shinzo Abe when he came to power for the second time in 2012. Adhesion Contract
September 25, 2022 Affiliation contracts are “take it or leave it” agreements where you have to accept or reject the contract as a whole. Adjudication
September 25, 2022 Litigation is the process by which the judge of the court resolves disputes between two parties. Asset Protection
September 25, 2022 Asset protection refers to the strategies used to protect one’s wealth from taxation, confiscation or other losses. Barriers to Entry
September 25, 2022 Barriers to entry describe high start-up costs or other barriers that prevent new competitors from easily entering an industry or area of business. Barter
September 25, 2022 Barter is the exchange of goods and services between two or more parties without the use of money. Best Endeavors
September 25, 2022 “Best Effort” is a legal term that represents the obligation of a party to a contract to take all possible steps to fulfill the terms of the agreement. Comparative Advantage
September 25, 2022 Comparative advantage is the ability of an economy to produce a particular good or service at a lower opportunity cost than its trading partners. Deed
September 25, 2022 A deed is a signed legal document that grants its owner the ownership of an asset, but may impose a number of conditions on the transfer of ownership. Demand
September 25, 2022 The law of demand concerns the changing desire of consumers to purchase goods and services at given prices. Demand Shock
September 25, 2022 A demand shock is a sudden change in the demand for a good or service.# Demand Theory
September 25, 2022 The theory of demand describes how a change in the quantity of a good or service that consumers will require affects its price in the market, Diseconomies of Scale
September 25, 2022 Negative economies of scale occur when the expansion of production is accompanied by an increase in average unit costs. Disequilibrium
September 25, 2022 Disequilibrium is when external forces cause an imbalance between supply and demand in the market. In response, the market enters a state in which supply and demand do not match. Domestic Corporation
September 25, 2022 A domestic corporation conducts business in its own country or state. Economic Equilibrium
September 25, 2022 Economic equilibrium is a state in which market forces are balanced, a concept borrowed from the physical sciences, where observable physical forces can balance each other. Economic Indicator
September 25, 2022 An economic indicator is a macroeconomic measurement used by analysts to understand current and future economic activity and opportunities. Economic Recovery
September 25, 2022 Economic recovery is the process of reallocating resources and workers from failed businesses and investing in new jobs and uses after a recession. Economist
September 25, 2022 An economist is an expert who studies the relationship between a society’s resources and its production or output, using a number of different indicators to predict future trends. Efficiency
September 25, 2022 Efficiency occurs when you reduce waste to produce a certain amount of goods or services. Elastic
September 25, 2022 Companies operating in highly competitive industries offer products and services that are elastic as companies tend to charge prices. Equilibrium
September 25, 2022 The market is said to have reached an equilibrium price when the supply of a commodity matches the demand. Equity-Efficiency Tradeoff
September 25, 2022 A trade-off between equity and efficiency arises when there is some conflict between maximizing net economic efficiency and achieving other social goals. Express Warranty
September 25, 2022 An Express Warranty is a seller’s agreement to repair or replace a defective product, component, or service within a specified period of time. External Economies of Scale
September 25, 2022 External economies of scale - these are factors that contribute to the development of business, which are manifested outside the company, but within the same industry.