Supply and Demand: This term refers to the relationship between the quantity of a product that producers are willing to sell at different price levels, and the quantity that consumers are willing to buy at those price levels.
Competition: Competition occurs when multiple sellers offer similar products or services in order to attract customers. It leads to better quality products, lower prices, and innovation.
Pricing: Pricing involves setting a monetary value for goods or services based on factors such as production costs, competition, consumer demand, and profit goals.