Glossary of competition terms

This Glossary is based on definitions from DG COMP’s Glossary of terms used in EU competition policy (© European Union, 2002) and the OECD’s Glossary of industrial organisation economics and competition law (© OECD, 1993). Each term is enriched with references of national case laws from the e-Competitions Bulletin and Concurrences Review.


A market is where buyers and sellers transact business for the exchange of particular goods and services and where the prices for these goods and services tend towards equality. In order for a market to "clear" or function properly, the quantity of goods and services demanded and supplied must be equal at some given price. At any particular point in time, markets can be in "equilibrium" or "disequilibrium" depending on whether or not aggregate supply equals aggregate demand at the prevailing price. Markets may be local, regional, national or international in scope and do not necessarily require buyers and sellers to meet or communicate directly with each other. Business may be transacted through the use of intermediaries as well. (...)