competitive markets
Many sellers compete
Competitive markets are economic environments where multiple buyers and sellers interact freely, with no single participant able to control prices.
The term implies that competition drives efficiency—prices reflect supply and demand rather than monopoly power.
Economists distinguish perfectly competitive markets (theoretical ideals with identical products and perfect information) from the imperfectly competitive markets that actually exist: The pharmaceutical industry is far from a competitive market.
- buyersThose who obtain goods
- deregulationRemoving governmental business restrictions
- demandForceful request or requirement
- exchangeMutual giving and receiving
- privatizationState sells public assets
equilibrium · antitrust laws · economics · predatory pricing · race to the bottom · dog eat dog · winner takes all · capitalism · level playing field · supply · price fixing · laissez-faire · profit · price discrimination · arbitrage · bidding · undercutting · trade
- business termsfranchising, revenue stream, board meeting, gross margin, markdown
- innovationinnovation, invention, innovative, innovate, breakthrough
- Thatcher EraMargaret Thatcher, Thatcher, Iron Lady, monetarism, poll tax
- antitrustantitrust, price fixing, cartel, collusion, antitrust laws
- Third WayTony Blair, Bill Clinton, New Labour, triangulation, DLC
competitive marketsmonopoly
One seller, no substitutes
monopolies · cartel · cartels · oligopoly · duopoly
competitive marketsplanned economy
Centralized resource allocation system
command economy · central planning · state control · socialism · communism
competitive marketstrade barriers
Restrictions on cross-border commerce
protectionism · autarky · import quotas · price controls · rent control
market, compete, competition, marketing, competitor, competitive, competing, marketplace, competes