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World Scholars' Cup Questions And Answers With Verified Solutions 100% Correct!!!
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World Scholars' Cup Questions And Answers With Verified Solutions 100% Correct!!!
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World Scholars' Cup Questions AndAnswers With Verified Solutions 100%
Correct!!!
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
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