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COMPETITIVE MARKET: A market with a large number of buyers and a large number of sellers, such that no single buyer or seller is able to influence the price or any other aspect of the market -- no one has any market control. A competitive market achieves efficiency in the use of our scarce resources if there are no market failures present.
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OPPORTUNITY COST The highest valued alternative foregone in the pursuit of an activity. Opportunity cost is a one of the most fundamental concepts used in the study of economics. An opportunity cost can be either explicit, usually involving a monetary payment, or implicit, which does not involve a transaction. Opportunity cost is also commonly termed economic cost.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a birthday greeting card for your mother that doesn't look like a greeting card or a handcrafted spice rack. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Gravitation can not be held responsible for people falling in love." -- Albert Einstein
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IMF
International Monetary Found
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