Answer:
1. Collusion- agreement between two or more people to limit competition and earn higher profits.
2. Competition- contest between rivals.
3. Customer service- service provided to consumers during and after the buying process.
4. Profit- money left after all expenses are paid.
5. Quality- degree of excellence for something, such as a product.
Explanation:
In an economy, there are different aspects of which makes it work. And some of the terms used in an economy are-
1. Collusion is used when there is an agreement between different parties so that there is a limitation in the competition and earning of higher profits in the business.
2. Competition is when two or more parties vie for a higher profit or popularity. This attribute to be larger or better than the others is a competition.
3. Customer service is the service or help provided by companies or businesses to their customers during and after the buying process.
4. Profit is the 'excess' money left after all form of payment/ expenditure is made.
5. Quality of a product or anything is the level of excellence that is found or expected in it, be it a product or a service.
