Trade and markets

Trade and Markets Jean Lee C. Patindol, c2011

The Economy Jean Lee C. Patindol, c2011 taxes services taxes services Produce goods and services, Receive payments Make payments, Receive goods and services Government Consumers Producers

National Economic Goals ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Jean Lee C. Patindol, c2011

Economic Systems ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Jean Lee C. Patindol, c2011

Trade ,[object Object],[object Object],[object Object],Jean Lee C. Patindol, c2011

Value vs. Cost ,[object Object],[object Object],[object Object],[object Object],[object Object],Jean Lee C. Patindol, c2011

Prices ,[object Object],[object Object],[object Object],Jean Lee C. Patindol, c2011

How Are Prices Determined in the Market? ,[object Object],[object Object],Jean Lee C. Patindol, c2011

Markets ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Jean Lee C. Patindol, c2011

Market Considerations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Jean Lee C. Patindol, c2011

Pure or Perfect Competition ,[object Object],[object Object],[object Object],[object Object],[object Object],Jean Lee C. Patindol, c2011

Pure or Perfect Monopoly ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Jean Lee C. Patindol, c2011

Imperfect Competition ,[object Object],[object Object],[object Object],[object Object],Jean Lee C. Patindol, c2011

4 Types of Competitive Markets ,[object Object],[object Object],[object Object],[object Object],Jean Lee C. Patindol, c2011

Jean Lee C. Patindol, c2011 Feature/Type Near Pure Competition Monopolistic Competition Oligopoly Monopoly Level of Competition Very high High Few firms None Product Differentiation Very difficult Small firms compete over product differences Yes Product monopoly Buyer/ Seller Power Buyer Buyer and Seller Seller Seller Price Competition Yes Somewhat X X Need for Advertising Maybe Yes Less Need X

Trade and markets

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