Term
| Why do we study pure competition even though there are no purely competitive markets? |
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Definition
| Because it can be used as a basis of comparison and can be used to produce the ideal ideas and numbers of what a company should have. It is basically just the baseline for compassion and if you dont have it you dont have a baseline which means you dont have a normal or control to base everything off. |
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Term
| Why is the US economy considered to be a free-enterprise economy? |
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Definition
| Because individuals won most of the companies and the economy, not the government but self. Its people and big businesses own the majority. Also because supply and demand determine how resources are used. |
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Term
| What factors reduce competition in a market? |
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Definition
| When it comes to the supply side of the market merges and combinations of companies lower the competition in the market. When there are fewer companies in general there is less competition. For example, Disney just kept buying out different media companies and kept lowering the competition. On the demand side, fewer buyers will also reduce competition because there are fewer people to buy the products. |
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Term
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Definition
| there is always a market structure |
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Term
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Definition
| there is never pure competition, there is always a lot of buyers and sellers but none of them are big enough to change the price of the product and they are always identical |
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Definition
| you dont need a degree all you need to do is start selling and buying a thing |
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Term
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Definition
| some companies are close to pure competition but there not |
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Term
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Definition
| closets to what we have today there not exactly the same products but there close. Copy right trade makers, which issued to help companies differentiate their products. |
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Definition
| with advertisement and proportions |
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Term
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Definition
| there are few sellers, they might be able to have some price-setting powers, sometimes they biome so powerful they cause on each other and they help each other. ex-Big tech companies agreed to not hire other people workers |
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Term
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Definition
| there is no real competitive market, there is no market where there is only one seller, there is no just competitive market |
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Definition
| you know all the possible moves and rules that you can do |
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Term
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Definition
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Term
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Definition
| you know the choice that other people are doing |
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