price taker
An economic entity that is too small relative to a market to affect its price, and that therefore must take that price as given in making its own decisions. Applies to all buyers in sellers in markets that areperfectly competitive. Applies also to a country if it is a small open economy.
Browse by Subjects
perfect competition
See All Related Terms »

speculate
management decision cycle
stocktaking sale
European Currency Unit
local authority