Market Structures (Grade 12 NSC Matric Economics): Flashcards
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Four main market structures
Four main market structures
Perfect competition, monopolistic competition, oligopoly, monopoly
Homogeneous products definition
Homogeneous products definition
Goods essentially identical regardless of which firm produces them
Differentiated products
Differentiated products
Each business offers something slightly unique
Number of firms in a monopoly
Number of firms in a monopoly
One dominant business controlling the entire market
Price control in perfect competition
Price control in perfect competition
Price takers with no control over market prices
Entry conditions in perfect competition
Entry conditions in perfect competition
Free entry - no significant obstacles for new firms
Example of perfect competition
Example of perfect competition
International commodity markets (gold, oil trading)
Example of monopolistic competition
Example of monopolistic competition
Fast-food outlets
Example of oligopoly
Example of oligopoly
Petrol and oil industry
Example of monopoly in South Africa
Example of monopoly in South Africa
Eskom (sole electricity provider)