1) Explain the terms ‘Monopoly’ and ‘Monopolistic Competition’ (4 marks) Monopoly A monopoly is a market structure in which a single company or individual owns all or nearly all of the market for a given type of product or service with no or close substitute. This would happen in the case that there is a barrier to entry into the industry that allows the single company to operate without competition (for example‚ vast economies of scale‚ barriers to entry‚ or governmental regulation)
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Peet’s market monopolistic or an oligopoly? An oligopoly 2. What are some ways that Peet’s Coffee & Tea tries to differentiate its product offering? Offering free samples and educating their customers about their products. The Peetniks Program. 3. What consumer needs is Peet’s satisfying? The need to feel a part of special group. The need to feel like an informed consumer. KEY TERMS free enterprise - an economic system with few restrictions on business ownership and activities cultural
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Circular Flow of Economic Activity The circular flow of economic activity is a model showing the basic economic relationships within a marketeconomy. It illustrates the balance between injections and leakages in our economy. Half of the model includes injections‚ and half of the model includes leakages. The circular flow model shows where money goes and what it’s exchanged for. The model includes households‚ businesses and governments. We also have the banking system that facilitates the exchange
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not affect a woman’s health or future ability to become pregnant or give birth. 2. A lot of people think abortion “tinkers with the natural order”‚ but our daily medicines‚ which we could not have survived without‚ affect our body in unnatural ways too. 3. In the case of rape or incest‚ forcing a woman made pregnant by this violent act would cause further psychological harm to the victim. Often a woman is too afraid to speak up or is unaware she is pregnant‚ thus the morning after pill is
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How to Organize a Trip Are you bored travelling with travel agencies where the schedules are all arranged? Or have you ever felt that going on a trip gives you tiredness instead of enjoyment? If you used to face these kinds of incidents‚ this essay can help you to organize your own trip. There are three simple steps for organizing a trip: finding some interesting places‚ searching for information and arranging a time schedule. The first step to organize a trip is finding some interesting
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Summary Writing – The CBSE Way by Admin on October 13‚ 2012 in English Man created remote to avoid going over to the TV every time to switch a channel. Huge articles were always there‚ some too huge that if we had such an article in exam; we would end up reading it all the three hours. To tackle this‚ man created short notes and summaries. Why re-read huge articles again and again when you can get the gist of it in just 1/3 rd of its length? Sound’s better no? Summaries can be of variable length
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could rent a hotel room. Others could rent out a club or a bar‚ that is‚ if they have the bling bling for it. Once that is accomplished‚ you are good to further proceed. Next on the list would be a theme for the party. Many pick a color theme‚ where everyone who is invited must wear that certain color to be allowed in. Even a holiday theme would be a good one since Christmas is near‚ which implies that everyone needs to wear something contributing to that holiday. Next on the agenda is very important
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Types of economic activities 1. Primary industry * First stage in the production process * Major employer in poor countries * Involves the exploitation of natural resources * Includes activities such as agriculture‚ mining‚ fishing and forestry * Products are of low economic value * Products are either food for human consumption (e.g. fish) or raw materials for other economic activities (e.g. rubber for the tyre industry) 2. Secondary industry
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this acquired freedom is that we are able to have an economic system which is well known for its competition and consumer independence; the market economy. The government has absolutely no authority to interfere with the business activities of people. They also cannot control the choices of the consumers nor could they decide what the producers would manufacture; therefore‚ they also cannot predict the outcome of these decisions. When economic problems arise‚ the government will not be held responsible
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What are the four functions of an economic system? Contrast the way in which market economies and mixed economies attempt to solve the economic problem. Use relevant statistics and specific examples to illustrate your answer. The economic problem arises because of the scarcity of resources in relation to unlimited wants. A market economy such as Greece is an economy in which decisions are decided entirely by market forces such as supply and demand. In comparison‚ a mixed economy such as Australia
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