Markets and competition

Question 1

what is a market

Answer 1

A market is the link between buyers and sellers

Question 2

whats an online market

Answer 2

A market when you buy items online (E-commerce)

Question 3

whats a face to face market

Answer 3

when you buy an item face to face with the seller

Question 4

Advantages of physical markets

Answer 4

Can try on in store, can persuade a customer to buy the product, Get spotted more so more customers come in, Attract older customers

Question 5

Disadvantages of physical markets

Answer 5

Have to pay employee’s, limited stock, location could have a negative impact, have to pay rent

Question 6

what is Competition

Answer 6

can be described as rivalries amongst sellers to gain more market share

Question 7

what is Market share

Answer 7

Is the percentage of total sales in an industries generated by a particular company

Question 8

competitive markets

Answer 8

A market in which there are a large number of firms producing a similar product or service

Question 9

barrier to entry

Answer 9

.high cost
.regulation
.brand loyalty
.technolgy

Question 10

what is monopoly

Answer 10

A market dominated by one seller a monopoly is any firm with more then 25% of industries sales

Question 11

what percentage is a dominate firm

Answer 11

40%

Question 12

what is Economies of sale

Answer 12

the cost per unit of production decreases as volume of product increases