Imperfect competition: a market in which there is neither pure perfect competition nor pure monopoly.

Market: Any mechanism that enables buyers and sellers come to an agreement about purchase and sale of merchandise

Market structure: The types of competitive market within which firms operate.

Monopolistic competition: A state of competition in a market in which many firms compete, producing similar but slightly differentiated products.

Monopoly: A market in which there is only one seller.

Oligopoly: A term applied to markets dominated by a few large firms.

Perfect (Pure) Competition: A market for uniform products in which there many buyers and sellers, no one of which is big enough to affect the price, and has full knowledge of market conditions.

Product differentiation: A process of creating uniqueness in a product.

MOMEY

Bank money: a medium of exchange consisting chiefly of checks and drafts.

Commodity money: a specific commodity used as a form of money.

Currency: Paper money and coins issued by the federal government.

Deflation: A decrease in the general level of prices; a period during which the purchasing power of a monetary unit is rising.

Fiat money: money declared by a government to be legal tender though it is not convertible into standard specie.

Inflation: An increase in the general level of prices; a period of rising prices during which the purchasing power of a monetary unit is falling.

Legal tender: Currency accepted in payment of debt.

Measure/Standard of value: A function performed by money as a common denominator for pricing goods and services.

Medium of exchange: Any substance or article that is used to pay for goods and services.

Money: The official currency, in the form of banknotes, coins issued by a government that functions as legal tender.

Purchasing power: The value of money; the amount of goods and services that can be bought with this money at a given time.

Standard of deferred payments: the thing of value in which, by the law or by contract, the amount of a debt is expressed.

Store of value: A function of money, enabling wealth, or value to be stored until some future time.

Money management

Certificates of deposit (Deposit certificate, CDs): certificates issued by banks guaranteeing repayment of principal at a fixed rate of interest after a specified period of time.

Charge account: an arrangement between a supplier and a customer, by which the customer is allowed to pay at the end of an agreed period for all goods he has bought during that period.

Checking account: a current account on which checks can be drawn.

Compound interest: interest calculated on both the principal and its accumulated interest.

Consumer credit: money lent by financial institutions to enable individuals to buy consumer goods or services with regular installment payments.

Consumer loan: the lending of money to the public by banks and other financial institutions for the purpose of buying consumer goods.

Credit: An arrangement with a shop, bank etc that allows you to buy something and to pay for it later.

Demand deposit: money placed with a bank in current account, on which checks can be drawn.