Market Structures and Competition

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Free Market

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An economic system in which prices are determined by competition between privately owned businesses.

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Competition

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The struggle among producers for the dollars of consumers.

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Market Structure

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The amount of competition between producers of a specific good.

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Perfect Competition

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A market structure in which a large number of businesses all produce the same product.

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Monopolistic Competition

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A market structure in which many companies sell products that are similar but not identical.

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Barriers of Entry

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Business practices or conditions that make it difficult for new firms to enter the market.

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Non-price Competition

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A way to attract customers through style, service, or location, but not a lower price.

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Patent

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Exclusive rights over an invention.

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Franchise

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A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area.

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Oligopoly

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A market structure in which a few large firms dominate a market.