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

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

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

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

The Costs of Taxation How do taxes affect the economic well- being of market participants?

Elasticity . . . … is a measure of how much buyers and sellers respond to changes in market conditions … allows us to analyze supply and demand with greater precision

In a free, unregulated market system, market forces establish equilibrium prices and exchange quantities. While equilibrium conditions may be efficient, it may be true that not everyone is satisfied

Every field of study has its own terminology Mathematics axioms integrals vector spaces Psychology

Economy. . . . . . The word economy comes from a Greek word for “one who manages a household