Write short note on Markets
Write short note on Markets?
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A market is an institution or mechanism that brings together buyers (demanders) and sellers (suppliers) of particular goods and services.
1. A market may be local, national, or international in scope.
2. Some markets are highly personal, face-to-face exchanges; others are impersonal and remote.
3. This chapter concerns purely competitive markets with a large number of independent buyers and sellers.
4. Product market involves goods and services.
5. Resource market involves factors of production.
Distinguish clearly between a plant, a firm, and an industry?
The initial systematic and popular description of capitalism was explained in: (1) Sir Thomas Mun’s England’s Treasure by Foreign Trade. (2) Joseph A. Schumpeter’s Capitalism, Socialism, and Democracy. (3) John Maynard Keynes’
Distinguish between allocative efficiency and productive efficiency. Give an illustration of achieving productive, but not allocative, efficiency?
Compare the costing and pricing process of heterodox pricing process to the procedures utilized in neoclassical microeconomics to set prices. In what ways are heterodox prices altered from neoclassical prices?
Both individual sellers and buyers within perfect competition: w) can affect the market price through their own individual actions. x) can affect the market price by joining along with some of their competitors. y) have to take the market price as a specified. z
How does society decide its optimal point on the production possibilities curve?
In Wealth of Nations by Adam Smith, opined that the productivity of labor based primarily on: (w) workers’ education. (x) divisions of labor. (y) technologically advanced machines. (z) suitable wage rates. Q : Example of simultaneous changes in both Elucidate an example of simultaneous changes in both supply and demand?
Elucidate an example of simultaneous changes in both supply and demand?
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