Week 8 and 9 Topics

Week 8 and 9 Topics

Learning Targets

• Identify the various economic

  systems and market structures

  made over the years

• Explain market structures

  (perfect competition,

  monopoly, oligopoly, and

  monopolistic competition)

• Define production

• Distinguish various types of costs

• Understand Environmental Scanning and Porter's Five Forces Model

Market structure

The characteristics of the market, either organizational or competitive, that describes the nature of competition and the pricing policy followed in the market.

Multiple Choice

This market structure is characterized by a single seller in the market.

• Perfect competition

• Monopoly

• Oligopoly

• Mopololistic Competition

Monopoly

• There is a single seller and single buyer in the market

• Huge market power

• Examples: Public utility companies

Multiple Choice

This market structure is where no single seller or single buyer has power to determine the price and the level of output in the market.

• Perfect competition

• Monopoly

• Oligopoly

• Mopololistic Competition

Perfect competition

• No single seller or single buyer has power to determine the price and the level of output in the market.

• Absence of market power

• Free entry and free exit

• Examples: Agricultural products

Open Ended

In one sentence, describe "oligopoly".

Oligopoly

• Market structure characterized by few sellers producing similar and differentiated products.

• Imperfect competition

• Some market control

• Examples: Oil companies

Monopolistic competition

• Has elements of both competitive and monopolistic markets

• Free entry and exit

• Numerous sellers and buyers

• Examples: Shampoos, soaps, other household items

Multiple Select

Market structures have a number of implications for entrepreneurs. Check all items influenced by market structures.

• Investment and interest rate

• Rentals and cost of business operations

• Minimum wage

• Taxes

Market structures affect the following:

• Investment and interest rate

• Rentals and cost of business operations

• Minimum wage

• Taxes

Multiple Choice

This term refers to the organised activity of transforming resources into finished products in the form of goods and service.

• Profit maximization

• Production

• Promotion

• Manufacturing

Multiple Choice

These are input costs that require a direct outlay of money by the firm.

• Variable Costs

• Fixed Costs

• Explicit Costs

• Implicit Costs

Multiple Choice

These are costs that do vary with the quantity of output produced.

• Variable Costs

• Fixed Costs

• Explicit Costs

• Implicit Costs

Multiple Choice

The process of identifying of factors and forces that implicitly affect a business company.

• Market test

• Environmental Scanning

• Market scanning

• Environmental Discovery

Multiple Select

Choose all elements/factors illustrated in Porter's Five Forces of Competitive Position.

• Competition among existing firms

• Bargaining power of customers

• Bargaining power of suppliers

• Bargaining power of management

• Threats of potential entrants

Multiple Choice

In the SWOT Analysis tool, this aspect involves internal charateristics of firms that lessen its profitability or success.

• Strengths

• Weaknesses

• Opportunities

• Threats

Poll

Identify the various economic

systems and market structures

made over the years.

• Exemplary

• Proficient

• Approaching Proficiency

• Beginning

Poll

Explain market structures

(perfect competition,

monopoly, oligopoly, and

monopolistic competition)

• Exemplary

• Proficient

• Approaching Proficiency

• Beginning

Poll

Define production.

• Exemplary

• Proficient

• Approaching Proficiency

• Beginning

Poll

Understand Environmental Scanning and Porter's Five Forces Model.

• Exemplary

• Proficient

• Approaching Proficiency

• Beginning

Poll

Distinguish various types of costs.

• Exemplary

• Proficient

• Approaching Proficiency

• Beginning