Competition: Notifies several companies rivaling to offer the same class of goods or services to market demanders.
Perfect Competition: A market type where many small companies exist, producing a unique product which differentiates producers, but they cannot influence the product's market price.
Monopolistic Competition: A market structure with many suppliers due to low entry barriers, offering differentiated but similar products.
Oligopoly: A market structure with a reduced number of suppliers offering similar production.
Cartel: A formal agreement used by several major companies in an oligopolistic market to achieve benefits through joint price fixing.
Market Share: The overall production portion of a sector that corresponds to a company, product, or brand.
Game Theory: A theory that studies the behavior of agents in economic situations of interdependence.
Colluding Tactics: Tactics used in an oligopoly situation where, without a formal agreement, competing companies decide on prices or production limits to maximize their benefits.
Monopoly: A market where one company controls all or most of the supply of a product.
Labor and Production Factors
Focus (Labor): The exertion, both physical and intellectual, used by humans to contribute to the production of goods and services. Workers receive remuneration (wages) for this exertion.
Labor Contract: A voluntary agreement where one person offers their personal services under the organization and direction of another, in exchange for remuneration.
Marginal Labor Productivity: The increase in production resulting from incorporating one new employee.
Human Capital: A person's training and experience; it is a company's or country's capital.
Minimum Interprofessional Wage: The quantity fixed by the government, reviewed annually, considering price increases and the economic situation.
Unions: Organizations that try to improve the working conditions of their members. They act as spokespersons and negotiators for workers in relation to employers and the government.
Confindustria (Employers' Association): A collective of entrepreneurs organized to defend the interests of the group.
Workday: The number of hours worked per week.
Extra Hours: Hours that exceed the maximum working hours.
Dependent Persons: Those who require help from others for basic daily living activities.
New Fields of Employment: Opportunities arising from new social needs that create new employment avenues.
Macroeconomic Indicators
Macroeconomics: The part of economics that studies problems of a country's economy from an aggregate perspective.
Amortization: The measurement of depreciation or loss suffered by productive capital due to its use in production over a given period.
Personal Disposable Income: The income that households in a country finally receive, available for consumption or saving.
