MARKETS any place where buyer and seller meet To buy and sell

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Presentation transcript:

MARKETS any place where buyer and seller meet To buy and sell goods and services to satisfy needs and wants of the consumer

Market structures TYPES Perfect competition –vehicle sales Monopoly (single seller)-Escom Oligopoly-cellphone companies Monopolistic competition-Coca Cola ,fizzy drinks, hamburgers (well known brands)

PERFECT MARKETS definition: ideal market situation with homogenous products large nr. of byers and sellers no one can influence price

PERFECT COMPETITION large nr. of byers and sellers no collusion between sellers goods identical /homogenous sellers free to enter or leave market price takers –cannot change price no government intervention factors of production must be perfectly mobile perfect information – all price takers – buyers & sellers

MONOPOLY one-of-a-kind goods /service no substitutes supply controlled producers –price makers near-monopolies eg. SA Breweries

OLIGOPOLY few large suppliers of goods/services some control eg. airlines, cellphone service providers

MONOPOLISTIC COMPETITION many producers selling similar,slightly differentiated products eg. market for toothpaste some control over price it charges