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Exam (elaborations)

World Scholars' Cup Questions and Answers

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World Scholars' Cup 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 dea...

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  • August 8, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • World Scholars' Cup
  • World Scholars' Cup
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Freshy
World Scholars' Cup
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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