Barriers to entry a combination of obstacles that deter or prevent

new firms from entering a market to compete with existing firms

Allocative efficiency achieved when it is impossible to change the
allocation of resources in such a way as to increase societys welfare
total consumer surplus and producer surplus maximized
Productive efficiency Firms perspective: when any given level of
firms output is produced at lowest possible average costs, all points on
LRAC curve; Societys perspective: point where long run average cost is at
its minimum, firm at minimum efficient scale (MES), minimum point of
LRAC curve
Equity fairness in distribution in: income, wealth and opportunities
Innovation improvement in level of technology such that more and
better output can be obtained from the same inputs
Dynamic efficiency when firm is innovative and invests in R&D
Monopoly a single supplier or a product or service for which there are
no close substitutes
Oligopoly a few dominant firms whose behavior is interdependent
Monopolistic competition a large number of firms, each producing a
differentiated product or provides a differentiated service
Price discrimination the practice of charging different prices for
different groups of consumers for the same product or for different units of
it and it is not due to differences in cost

Macroeconomics
Economic Growth expansion or annual percentage increase in an
economys level of output or Gross Domestic Product over time
Unemployment situation where those in the labour force are willing
and able to work but are unable to find employment
Inflation the sustained increase in the general price level of a given
basket of goods over a period of time, usually one year
Gross Domestic Product market value of all final goods and services
newly produced within the geographical boundaries of an economy in a
given period of time (usually one year)
Gross National Product market value of all final goods and services
newly produced anywhere in the world from resources belonging to
residents of a country in a given period of time (usually one year)