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

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

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

4. 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

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

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

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