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Economics (What is Economics), Terminology in Economics, Types of Cost,…
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Market Structure
(Market : Platform where products can be bought and sold in exchange of money )
Market Structure (Arrangement of buyer, seller, commodity , arena /platform )
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Perfect Competition
no entry barrier / no control over price / large no of competitors / eg: agriculture market, vegetable vendor, grocery shop etc
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Economics in small such as individual, store, companies
Economics at large such as Nation, World
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Coffee : Coffee beans, water, milk, sugar
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Tea : Milk, Water , sugar, tea leaves
Production from nature
Agriculture item, fisheries , fishing, forestry
Production in Factory
eg : Steel, bread
Services
Transportation, banking etc
Single seller / control over price / less or no competition/ high entry barrier ex : IRCTC, google, microsoft, Facebook /Meta
between monopoly and perfect competition
companies provide the similar but not identical product
low entry barrier
price makers
ex : Restaurant /Salon
limited industry
who set their own price c
ex : Airlines , Cold Drinks,high entry barrier
Predicting demand for the industry
eg : cloth demand for INdia, Cement demand
Company's level , demand of a particular product in your company
Nation's NI,GDP, INcome, Employment
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