International Trade What determines whether a country imports or exports a good?

The Meaning of Competition uA perfectly competitive market has the following characteristics: u There are many buyers and sellers in the market

Monopoly While a competitive firm is a price taker, a monopoly firm is a price maker

Imperfect Competition Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly

Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Four Types of Market Structure Monopoly Oligopoly Monopolistic Competition Perfect Competition

Factors of Production Factors of production are the inputs used to produce goods and services

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