Differentiating Between Marker Structures Understanding how our economy operates today requires an understanding of the different market structures that make up our economy. Four market structures make up the economic structure in the worlds’ economy. The market structures are perfect competition‚ monopoly‚ monopolistic competition‚ and oligopoly (Colander‚ 2010). Kudler Fine Foods was founded by Kathy Kudler in June 1998 after identifying a need for a gourmet specialty market in her area that could
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Economies are different throughout the world. Many countries have decided on similar economies to other countries. Two of these economic systems are market and command economies. These two economies are the two most common economies throughout the world‚ and are often compared and contrasted amongst countries. The first economy is known as a market economy. This economy is generally ruled by the people. The decisions of everyday civilians affect the economy daily‚ and can quickly change due to this
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The government plays an important part in the economy. There are different types of organisations like the Local‚ UK and the European government which control businesses. They try to make sure most people are employed‚ and they encourage new businesses to start in the UK. The government also calculates the GDP (Gross Domestic Product) which is the total amount earned or produced by the country. They calculate this in three ways‚ by expenditure - how much people in a country spend in a year
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Explain the Role Play method. As a trainer where would you like to use the method and what terminal objectives would the method achieve? Ans. Role play is a learning activity in which participants play out roles in a simulated situation. Role plays provide a highly motivational climate because participants are actively involved in a realistic situation. The trainer prepares the role – briefs and briefs the role- players about what they would do before the remaining members of the group. Each participant
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Comparison and contrast the 4 types of market structure: Perfect Competition Definition * there are many buyers and sellers‚ the products are homogeneous and sellers can easily enter and exit from the market Characteristics * Large number of buyers and sellers – firms are price takers. * Homogenous or standardized product – the buyers do not differentiate the products of one seller to another seller. * Free of entry and exit into the market. * Role of non-price competition is insignificant
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Petrol companies have the market structure of an oligopoly. An oligopoly is a market structure where there are a few dominant firms whose behavior is interdependent. There are a few dominant firms relative to market size‚ and they each command a large proportion of the market share‚ thus having strong monopoly power. Examples of petrol companies include Shell‚ Caltex and Exxon Mobil. Their demand curve is downward sloping‚ meaning that they are price setters. Petrol is a homogeneous product‚ hence
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The Gods and Their Role in the Iliad The gods in the Iliad are characters who seem very human to us. How do their actions propel the story forward? Are they responsible for the events of the Iliad‚ or are other characters? Like normal people‚ the gods have both good and bad qualities‚ their own strengths and weaknesses‚ personal disagreements and struggles. Similarly‚ like many of the other characters‚ the gods have a key role in the determining what happens‚ even from the very beginning. While
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Effective Role Playing in Sales Training Posted on September 25‚ 2012 by John Asher Top salespeople approach their careers in a similar fashion as professional athletes. They practice‚ drill and rehearse all of their skills so that they can execute them without even thinking about it‚ and do not ignore any area of the sales process. It is useless for a salesperson to make a great presentation if she does not know how to close. And closing and getting the money will not lead to referrals unless
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VIDEO CASE 1 . Is 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
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Three types of Market Structure Market structure can be described in terms of how much competition a seller has and the proportion of the market share they hold. Monopoly – one person or company dominates provision of a particular product or service‚ in the absence of competitors. Consumers do not have a choice for provision of the product in question. A monopoly can ‘call the shots’ on their product (price‚ availability etc.) as there is no alternative on offer to consumers. Monopolists
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