Markets Flashcards
1
Q
market
A
any place where potential buyers and sellers interact in order to carry out a transaction
2
Q
classification of markets
A
-legal vs illegal
-place
-time
-competition
2
Q
types of markets
A
-labor market
-capital market
-raw materials market
-the market for goods and services
2
Q
market structures
A
-perfect competion
-monopolistc competitoion
-oligopoly
-monopoly
3
Q
perfect competition
A
large number of sellers
identical product
easy entry
no market power
4
Q
monopolistic competition
A
large number of sellers
different product
easy entry
small market power
5
Q
oligopoly
A
small number of sellers
identical or differentiate
difficult entry
large market power
6
Q
monopoly
A
single seller
unique product
complete market power
