How businesses operate…

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Presentation transcript:

How businesses operate… Market Structures How businesses operate…

Characteristics of the Market Structures Review of all four!

Read the excerpt about the case of cucumbers

The case of cucumbers Perfect Competition Type of Market Number of firms in the industry Similar or different products Ability to control prices Barriers to entry Non-Price Competition? Perfect Competition Many!!! As in thousands Identical Products No control over prices Easy to enter the market and be a seller No non-price competition The case of cucumbers

Read the excerpt about the case of haircuts

Monopolistic Competition Type of Market Number of firms in the industry Similar or different products Ability to control prices Barriers to entry Non-Price Competition? Monopolistic Competition Many firms As in hundreds! Different products Some control over prices Fairly easy to enter A lot of non-price competition (because they have to differentiate their products for customers) Your haircut

Read the excerpt about the case breakfast cereals

The case of your breakfast cereal Oligopoly Type of Market Number of firms in the industry Similar or different products Ability to control prices Barriers to entry Non-Price Competition? Oligopoly Few firms (10-20) Significant control over prices Difficult to enter A lot of non-price competition! The case of your breakfast cereal

Read the case about DeBeers diamonds

The case of diamonds Monopoly Type of Market Number of firms in the industry Similar or different products Ability to control prices Barriers to entry Non-Price Competition? Monopoly One firm A unique (different) product Significant control over prices Difficult to enter the market Non-price competition may exist The case of diamonds

Watch this video as a review…

Work with someone in class or using the internet to research and identify at least FOUR examples of firms or markets for each one…

Lunch break… Wait until the Substitute releases you!!!

And we’re back… Working independently please answer the following questions on a Word document and send them to my email box as a .pdf or .doc by the end of the hour! krbarikmo@bluevalleyk12.org

Questions… Why is competition a good thing…give at least 4 examples Economists agree that it is better to have competitive industries in an economy than monopolies. Think of a competitive industry in your area, such as fast food. What are some of the advantages of having competition in this industry? Make sure to discuss prices, quality of goods, and amount of goods available.