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COMPETITION: In general, the actions of two or more rivals in pursuit of the same objective. In the context of markets, the specific objective is either selling goods to buyers or alternatively buying goods from sellers. Competition tends to come in two varieties -- competition among the few, which is market with a small number of sellers (or buyers), such that each seller (or buyer) has some degree of market control, and competition among the many, which is a market with so many buyers and sellers that none is able to influence the market price or quantity exchanged.
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CORPORATION A business established through ownership shares (termed corporate stock) with limited liability of company debts by the owners. A corporation is considered a distinct legal person, separate from its owners. As such, the owners have limited liability. They are only liable for the value of the ownership share and cannot be held personally responsible for any corporate debts. A corporation is one of the three basic forms of business organization. The other two are proprietorship and partnership.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for slightly overweight pizza delivery guys.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"The man who does not read good books has no advantage over the man who cannot read them. " -- Mark Twain
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JRE
Journal of Regulatory Economics
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