1-8 Key Terms

2. A market strategy where businesses compete through factors other than price, such as product quality, branding, or customer service.
5. Data that has already been collected by someone else, such as from government agencies or published research.
8. The act or process of trying to get or win something that others are also trying to win; in economics, the rivalry between firms to attract customers.
9. A market competition structure with many companies selling similar but differentiated products. Each firm has some control over its own prices.
10. Data that is collected directly by the user or researcher for a specific purpose.
11. A monopoly that is overseen by a government agency to prevent abuse of its market power, often for public utilities.

1. A market strategy where businesses compete by lowering prices to attract customers.
3. A market structure where a small number of large firms dominate the industry.
4. A market structure where a single company is the sole producer of a product or service with no close substitutes.
6. An economic system where private individuals or businesses own and control capital goods, and the free market determines production and distribution.
7. Type of competition when two or more companies offer different products or services that can satisfy the same customer need.
12. Type of competition when two or more companies offer similar products or services to the same target market.