control the market The collection of factors that determine of markets how buyers and sellers (perfect, Market interact in a market, monopolistic, structure how prices change, and oligopoly, how different levels of duopoly, the production and monopoly) selling processes interact a competitive market Real – Imperfect situation where there competition are many sellers, but Everything other they are selling than perfect slightly different goods competition a market structure in Many places Monopolistic firms have many selling a similar competition competitors, but each product one sells a slightly different product Like pizza places a particular market is Oligopoly Few places selling controlled by a small a similar product group of firms One company a single company or controls the owns all or nearly Monopoly market for a all of the market for a product given type of product or service (this is illegal) A type of monopoly Companies that a that exists as a result of Natural govt regulates the high fixed or monopoly costs of operating a Utilities, for business in a particular example industry When one business offers A condition that exists services without Geographic in a local area or region competition in a monopoly wherein one company town is the sole provider of a good or service Ex: bait shop A monopoly that occurs when a single Technological firm controls One company has monopoly manufacturing all the technology methods necessary to to control market produce a certain product A company that is A company that Government operating as the govt allows & monopoly a monopoly under monitors a government Ex., Post office a situation where free Market failures During Great markets fail to allocate Depression, many resources efficiently
control the market Market structure The collection of factors that determine how buyers and sellers interact in a market, how prices change, and how different levels of the production and selling processes interact of markets (perfect, monopolistic, oligopoly, duopoly, monopoly) Imperfect competition a competitive market situation where there are many sellers, but they are selling slightly different goods Real – Everything other than perfect competition Monopolistic competition a market structure in firms have many competitors, but each one sells a slightly different product Many places selling a similar product Like pizza places Oligopoly a particular market is controlled by a small group of firms Few places selling a similar product Monopoly a single company or owns all or nearly all of the market for a given type of product or service One company controls the market for a product (this is illegal) Natural monopoly A type of monopoly that exists as a result of the high fixed or costs of operating a business in a particular industry Companies that a govt regulates Utilities, for example Geographic monopoly A condition that exists in a local area or region wherein one company is the sole provider of a good or service When one business offers services without competition in a town Ex: bait shop Technological monopoly A monopoly that occurs when a single firm controls manufacturing methods necessary to produce a certain product One company has all the technology to control market Government monopoly A company that is operating as a monopoly under a government A company that the govt allows & monitors Ex., Post office Market failures a situation where free markets fail to allocate resources efficiently During Great Depression, many
econ_key_terms.docx