4.1 Markets and Competition
4.1 a. Market
An actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter. [1]
Example: Buying and selling goods on Amazon.
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Market [2]
4.1 b. Competition
Rivalry in which every seller tries to get what other sellers are seeking at the same time: sales, profit, and market share by offering the best practicable combination of price, quality, and service. [3]
Example: Farmer’s markets where multiple vendors are selling the same crops.
Competition [2]
