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SUBSTITUTION EFFECT The lowest wage, determined by law or contract, that an employer may pay an employee for a specified job.
CARTEL Exclusive control by one group of the means of producing or selling a commodity or service.
TAX An incidental condition that may affect a course of action.
OLIGOPOLY A deficiency in amount; an insufficiency.
MONOPOLY A principle, rule, or law designed to control or govern conduct.
QUANTITY DEMANDED To perceive or show the difference in or between.
TRUSTS A combination of independent business organizations formed to regulate production, pricing, and marketing of goods by the members.
PURCHASING POWER A contribution for the support of a government required of persons, groups, or businesses within the domain of that government.
LAW OF DEMAND The amount of money or income that people have avaliable to spend on goods and services.
PATENT A grant made by a government that confers upon the creator of an invention the sole right to make, use, and sell that invention for a set period of time.
INDUSTRIALIZATION A decrease or loss in value, as because of age, wear, or market conditions.
SURPLUS A secret agreement between two or more parties for a fraudulent, illegal, or deceitful purpose.
PROFIT Likely to change or vary; subject to variation; changeable.
QUOTAS Any increase or decrease in consumers purchasing power caused by a change in price.
EXTERNALITIES The return received on a business undertaking after all operating expenses have been met.
VARIABLE A market condition in which sellers are so few that the actions of any one of them will materially affect price and have a measurable impact on competitors.
REGULATIONS 1: an amount of something available for use 2: offering goods and services for sale.
SHORTAGE A fixed portion allotted to persons in military service or to civilians in times of scarcity.
COLLUSION To develop industry in (a country or society, for example).
RATIONING An economic doctrine that opposes governmental regulation of or interference in commerce beyond the minimum necessary for a free-enterprise system to operate according to its own economic laws.
SUPPLY To sink to a lower or normal level.
DIFFERENTIATE The amount of a good or service that a consumer is willing and able to buy at various possible prices during a given time period.
DEPRECIATIONS A production assignment
SUBSIDES Describes the tendency of consumers to substitute a similar, low priced product for another product that is relatively more expensive.
TOTAL COST An amount or a quantity in excess of what is needed.
INCOME EFFECT States an increase in a good's price causes a decrease in the quantity demanded and that a decrease in price causes an increase in the quantity demand.
LAISSEZ-FAIRE The amount of a good or service that a consumer is willing and able to buy at each particular price during a given time period.
AFFIRMATIVE ACTION A policy or a program that seeks to redress past discrimination through active measures to ensure equal opportunity, as in education and employment.
DEMAND A combination of firms or corporations for the purpose of reducing competition and controlling prices throughout a business or an industry.
MINIMUM WAGE The total amount of money expended to establish an investment position. Total cost includes commissions, accrued interest, and taxes, in addition to the principal amount of securities traded.

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