This week was pretty good. This week we restarted our semester because we had mid-terms last week. One Monday we talked about competition. One example of competition is Perfect competition which includes five main things which are:
*numerous buyers and sellers
*Independent buyers and sellers
*Well-informed buyers and sellers
*Freedom to enter and exit the market
*Standardized products
Also we learned about Oligopoly, Monopolistic Competition, and Monopolies. Oligopoly is where there are 4 or so companies that dominate that market. Whereas a Monopoly is where one company dominates the whole market for that one product.
It was interesting to learn about all of the different markets. The most interesting to me is oligopoly because of how there are only about four different really big names all competing for the consumers.
ReplyDeleteThe surprise quiz we took was hard but i was relieved to know it would just count as extra credit points and not a grade.
ReplyDeleteI was surprised when we talked about monopolies that some are actually helpful to consumers by making the best product cheaper when they dont have competition
ReplyDeleteAlthough monopolies are good for the idividual person as an economy as a whole they are horriable. I personally would love to own a monopoly but it would get nothing done
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