Before we arrive at the most suitable definition, it is essential to study a few definitions of money as given by some eminent economists. Economics is often divided up into macroeconomics and microeconomics. Microeconomics studies how individuals and businesses make decisions within the economy. Examples of microeconomics include: Why someone chooses to buy one product over another; How the supply and demand of products work together; What price a company charges for its product Definition of Complementary Goods. A complementary good is a good whose use is related to the use of an associated or paired good. Hong Kong, Singapore, and Australia are examples of free market economies. To serve as money, the definition of money should be comprehensive enough to cover all the essential functions that money performs in the economy. In these examples, consumers pay a premium for a slightly more expensive option. In many examples of ‘price discrimination’ consumers are charged different prices for a similar good. Non-price competition can include quality of the product, unique selling point, superior location and after-sales service. In a free market economy, the law of supply and demand, rather than a central government, regulates production and labor. For example, ‘premium unleaded petrol’ may cost the firm an extra 1p over standard unleaded, but the firm may sell this premium unleaded at 5p. Models of perfect competition suggest the most important issue in markets is the price. Definition: Non-price competition involves ways that firms seek to increase sales and attract custom through methods other than price.
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