REVIEW 2.1 Markets

A market brings buyers and sellers together It may have physical boundaries, e.g Jersey fish market, you can see it. Other markets do not have physical markets, e.g. internet markets, property markets

How do firms compete? PRICE – Asda/Tesco Quality – BMW Promotions – Nector Branding – M&S, Andrex toilet roll Advertising – Chocolate bars Innovations – make product better , Apple

Competitive markets are good for consumers because prices are lower. Companies have to be efficient if they are to survive

Past Paper questions Specimen paper Q6, Q9 (3) 2010 – Q1c (6)

REVIEW 2.2 MONOPOLY

MONOPOLY –a situation where there is only one firm selling in the market How do firms become a monopoly? Merger & Takeover Statutory monopoly Internal expansion Branding Cost barriers

Past Paper questions 2011 – 2d (8) 2012 – 1a (2) 2013 – 2a (2)