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UNIT 3: THE MARKET AND ITS DYNAMICS - Coggle Diagram
UNIT 3: THE MARKET AND ITS DYNAMICS
1.1 Market Concept and Structure
Market
Exchange of goods and services
Buyers and sellers
Structure
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
Characteristics
Participants
Prices
Entry barriers
Product differentiation
Information
Segmentation
Consumer groups
Needs and behaviors
1.2 Demand
Concept
Quantity consumers want to buy
Determinants
Price
Income
Tastes and preferences
Prices of related goods
Expectations
Types of goods
Normal
Inferior
Neutral
Elasticity
Elastic
Inelastic
1.3 Supply
Concept
Quantity producers offer
Factors
Price
Production costs
Technology
Regulation
Natural factors
Elasticity
Elastic
Inelastic
Importance
Production
Planning
Competitiveness
1.4 Price
Formation
Supply and demand
Equilibrium price
Factors
Costs
Competition
Demand
Perceived value
Strategies
Penetration pricing
Price skimming
Value-based pricing
Competitive pricing
Dynamic pricing
1.5 Break-Even Point and Market Failures
Break-even point
Revenue = Costs
Fixed costs
Variable costs
Contribution margin
Margin of safety
Market failures
Externalities
Asymmetric information
Market power
Public goods
Intervention
Regulation
Competition control
Public goods provision