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Market definition.pptx
1.
2. MARKET DEFINITION
A MARKET IS A COMPOSITION OF
SYSTEMS, INSTITUTION,
PROCEDURES, SOCIAL RELATIONS OR
INFRASTRUCTURES WHEREBY PARTIES
ENGAGE IN EXCHANGE.
AS IF IT CAN BE SAID THAT A
MARKET IS THE PROCESS BY WHICH
THE PRICES OF GOODS AND
SERVICES ARE ESTABLISHED.
3. PERFECT COMPETITION:-
In economic theory, perfect
competition occurs when all
companies sell identical
products, market share does
not influence price, companies
are able to enter or exit without
barrier, buyers have perfect or
full information, and companies
cannot determine prices. For
example: online shopping
4. MONOPOLY:-
Monopoly is a situation where
there is a single seller in the
market. In conventional economic
analysis, the monopoly case is
taken as the polar opposite of
perfect competition. By definition,
the demand curve facing the
monopolist is the industry demand
curve which is downward sloping.
For example: Luxottica.
5. OLIGOPOLY:-
Oligopoly markets are markets
dominated by a small number of
suppliers. They can be found in
all countries and across a broad
range of sectors. Some oligopoly
markets are competitive, while
others are significantly less so, or
can at least appear that way. For
example: Music Entertainment.
6. MONOPOLISTIC COMPETITION:-
Monopolistic competition
characterizes an industry in which
many firms offer products or
services that are similar (but not
perfect) substitutes. Barriers to
entry and exit in a monopolistic
competitive industry are low, and
the decisions of any one firm do
not directly affect those of its
competitions. For example:
Clothing and Consumer
electronics.
