Please enable JavaScript.
Coggle requires JavaScript to display documents.
Markets. Competition. Monopoly - Coggle Diagram
Markets. Competition. Monopoly
prices
determine
what is produced
how
who will buy it
what will be the mix
set by actions of buyers and sellers
sides of market transactions
seller's
supply
buyer's
demand
meet or communicate
in person
by letter, by phone, by e-mail
through their agents
in a perfect market
one price for a given commodity
lowest sellers will accept
highers consumers will pay
fluctuations of price affected by
current supply and demand
competition
perfect market
competition is unrestricted
sellers are numerous
monopoly
one seller
very limited number
state planning
monopoly of important goods and services
e.g. postal services
natural monopoly
geographical or geological circumstances
Canadian nickel
legal monopoly / cornering the market
certain companies obtain complete control
competition
among producers
among consumers
basic resources
land
labour
producers are in competition for the best workers
workers compete to get best job and wages
capital