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People excel in life by fixing their weaknesses, not by maximizing their strengths.
Market Failure
A situation where the allocation of goods and services by a free market is not efficient, often leading to negative externalities or a lack of public goods.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and a product for which each seller offers an identical product.
Deadweight Loss
A loss in economic efficiency that occurs when equilibrium for a good or service is not achieved or is not achievable.
Price Floor
A government-imposed limit on how low a price can be charged for a product, service, or commodity.
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