The Market Flashcards
What is meant by market?
Market is any situation where buyers and sellers are in contact in order to establish price.
What is competition?
Competition is rivalry amongst sellers.
What is market size?
Market size is expressed as the collective value of the goods/services that buyers purchase.
What is market growth?
Market growth is the percentage change in the size of the market measured over a specific period.
What is market shares?
Market share is the percentage of total sales (by value) that a business has in a specified market.
How can a business increase market share?
A business can increase market share by increasing sales.
What are the key features of a monopoly?
Theoretically only one business & prices are high.
What are the key features of an oligopoly?
Fewer firms, high similar prices
What are the key features of competition?
Many firms, low prices
What are the key features of a monopolistic competition?
Many firms, low similar prices, value for money
