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Lecture 3

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Management (MGT)
Chris Bovaird

MGTA01- Lecture 3: Thurday, 23 January 2014 - Finish chapter 1 and start Chapter 2 Market - Not all markets are the same. Some have lots of buyers and not many sellers and vice verca. Some have only one buyer and only one seller. In a market economy, the more sellers you have, the more chance buyers have to buy things and the more buyers you have, the more chance that sellers have to increase their price. - Degrees of Competition – how many sellers are there and how much choice you have as a buyer. There are 4 kinds of markets. • Perfect/Pure Competition – a market with a lot of suppliers, with all of the suppliers being small. - no individual producer or supplier has more influence than any other, no one has more market share than the other, they are not more famous than each other and pretty much every shop or manufacturer of this service is one in millions and indistinguishable. - they all sell the same thing and sell at more or less the same price - Example: a carton of milk can be bought almost everywhere in more or less the same amount of money, gas stations are perfectly competitive market • Monopolistic Competition – a market characterized by lots of suppliers, where most of the suppliers are pretty small like perfect competition, but in a monopolis
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