| A | B |
|---|
| Monopoly | A market with only one supplier. |
| Homogenous | A product or service of the same or similar kind or nature. |
| Monopolistic Competition | A market with a large number of firms selling a similiar but differnentiated product with no barriers to entry. |
| Product Differentation | Adding value to a product by making it different from its competitors. |
| Market Power | The ability to have control over prices and profits. |
| Philantropy | A charitable activity or institution. The effort to increase the well being of humankind through a charitable organization. |
| Mission Statement | A written belief and purpose in business that a company writes out to follow. |
| Law of Demand | As the price of an item increases, the demand decreases. As the price of an item decreases, the demand increases. |
| Market Equilibrium | The place where a demand curve and a supply curve meet on a graph. |
