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 <u>agreement between different parties </u>so that there is a limitation in the competition and earning of higher profits in the business.
2. Competition is when <u>two or more parties vie for a higher profit</u> or popularity. This attribute to be larger or better than the others is a competition.
3. Customer service is the <u>service or help provided </u>by companies or businesses to their customers during and after the buying process.
4. Profit is the <u>'excess' money left</u> after all form of payment/ expenditure is made.
5. Quality of a product or anything is the <u>level of excellence</u> that is found or expected in it, be it a product or a service.