ETHICS IN THE MARKET – Theories and Definitions

PERFECT COMPETITION: A free market in which no buyer or seller has the power to significantly affect the prices at which goods are being exchanged. PURE MONOPOLY: A market in which a single firm is the only seller in the market and which new sellers are barred from entering. OLIGOPOLY: A market shared by a […]

THE BUSINESS SYSTEM – Markets, Government and International Trade

ECONOMIC SYSTEM: The system a society uses to provide the goods and services it needs to survive and flourish. GLOBALIZATION: The process by which the economic and social systems of nations are connected together so that goods, services, capital, and knowledge move freely between nations. TRADITION BASED SOCIETIES: Societies that rely on traditional communal roles […]