| A | B |
|---|
| Price fixing | Illegal business agreement in which businesses agree on prices of their goods or services, resulting in little choice for the customer |
| Standard of living | The general conditions in which people live; quality of life |
| Rebate | A return of part of the price a customer pays for a good or service; usually offered by the product’s manufacturer |
| Sherman Antitrust Act | A federal regulation intended to prevent monopolies from forming and prices from being fixed |
| Regulated monopoly | A monopoly that the government allows to exist legally under controlled conditions |
| Robinson-Patman Act | A federal regulation that prohibits price discrimination |
| Scarce | Limited |
| Tying agreement | An illegal agreement requiring a customer to buy other products in order to obtain desired goods and services |
| Private enterprise system | An economic system in which individuals and groups, rather than the government, own or control the means of production; also known as free market economy, private profit system, market system, capitalistic system, or free enterprise system |
