The Dynamics of Markets (Grade 10 NSC Matric Economics): Flashcards
📚Flashcards
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Practise the cards
10 cards from this deck
Consumer markets
Consumer markets
Markets where people buy finished goods/services for personal use
Factor markets
Factor markets
Markets where businesses buy resources to produce goods/services
Perfect markets in reality
Perfect markets in reality
Don't exist; theoretical ideals used as benchmarks
Perfect market price determination
Perfect market price determination
Supply and demand alone determine prices
Imperfect markets
Imperfect markets
All actual markets; don't meet perfect market conditions
Monopoly market
Monopoly market
One seller with complete control over supply; no alternatives
Oligopoly market
Oligopoly market
Small number of large firms dominate the market
Monopolistic competition
Monopolistic competition
Many sellers offer similar but not identical products
World markets
World markets
Markets operating across national boundaries globally
Tech enabling world markets
Tech enabling world markets
Internet, international phones, electronic money transfers