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15 Cards in this Set
- Front
- Back
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in classroom
music economy |
Competition
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depends on
coordination and carful planning resources are scarce adn individals wants are unlimited compete for resources what, how, for to produce |
success
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comptet with
price quality features extra |
Place of Competition
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Set of conditions that describes the characteristics of a market in which a buisness firm competes.
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Market Structure
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number of firm
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1. Market Structure
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ability to set price
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2. Market Structure
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Predict definition
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3. Market Structure
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Ease of entry
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4. Market Structure
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Pefect competition
pure monopoly oligopoly monopolistic competition |
Market models
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price takers
price serachers |
2 types of stratagies
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Whenever is used, will depend on the structure of market
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Pure price compittion
pure monopoly |
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Large number of firms all produce an identical produc.
involves many buyers and sellers, none can influence market price. Structure must have many sellers, identical goods and services, complete information, free enter and exit. |
Perfect competition
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Made up of mini small buisnesses in 1 industry
all sellers make up small segments of entire market |
Many Sellers
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Nobody has a huge market
individual buisneses can't influence the market place example. corn |
Many sellers
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Buyers and sellers are knowledgeable on everything, they know price, they know the product
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Complete Information
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