Similarities Between Monopolistic Competition And Islamic Economics

The following case study is in regards of economic market structure. In the world of economics all businesses or companies rather, are categorized in certain market structures such as monopoly, oligopoly, or perfect competition, for instance, the market structure for restaurants. Most restaurants are considered monopolistic competition. Being that they all sell and serve food. They have to have instances that vary such as price, logos, servers, locations, décor, types of food, and hospitality.

There are a variety of different business structures that comprise the market in the world today. The most common ones found in the business world today are sole proprietorships, partnerships, and corporations. From these you will also find monopolies and oligopolies. Economists assume there are a number of different buyers and sellers in the market which leads to competition which allows prices to change in response to changes in supply and demand.(1) In many industries you there are substitutes for products, so if one type of product becomes too expensive the consumer can choose an alternative product that is cheaper, or one of better quality.

Much of past civilizations have endured many failures and triumphs throughout their existence. In the third century, there were many civilizations that started to flourish. One of these civilizations that started to expand was the Byzantine civilization. The Byzantine civilization, also regarded as Byzantium, was part of the Roman Empire which was divided in 395 AD. Byzantium had shared the same attitude, as the Roman Empire, toward exercising its authority over its citizens and throughout its empire. The Islamic civilization had started thrive in the fifth century. The Islamic civilization was unified together as unison by Islam and it has expanded its civilization throughout parts of Europe through jihad. Because of their expansions

Market economy is an economy system the individuals are owned and controlled most of the resources and are allocated through voluntary market transactions governed by the interaction of supply and demand. The presence of market economy will make a gap or disparity in society. It is happened because people are free to play in the market. In addition, there is no interference from the government and it will lead to the exploitation. It has lead to the market economy become not an option for a country to stay competitive. Competition in the marketplace provides the best possible product to the customer at the best price. When a new product is invented, it usually starts out at a high price, once it is in the market for a period of time, and other companies begin to copy it, the price goes down as new, similar products emerge.

In the beginning of Christianity, trade was considered sinful, while the Muslims thought trade was a lesson of appreciation and hard work. Christians had a strongly negative attitude towards the interaction between trade and merchants. Islamic people, however, had various different opinions on trade in comparison to the Christian religion. However, over time, the thoughts on trade and merchants shifted to a more negative point of view from both religions. The opinions from these religions were opposite at the beginning of time, but they eventually fused into one overall thought and opinion by the 16th century.

Christianity and Islam religions are very different from each other. Specifically, about the idea of merchants and money.Christianity goes by a summarized saying that, "a rich man will have a very hard time getting into heaven". While Islam has the idea that, if you are a rich merchant, you will get into a higher faith, but only if you do well by the items and money you profit from. Christianity holds a strong belief in being poor or in the middle class and having a rich relationship with God. While Islam says that all you need to do is not cheat people out of their money; Cheating someone out of their money, or charging them more than what the item they are buying is worth is considered unmanly. Both religions are very different, but vaguely similar.

This paper will define terms such as economics, micro economics, the law of supply, the law of demand and the factors which lead to a change in supply and demand. This paper will also summarize the article and

Islam is more than a religion, it’s a culture, and as such has an effect on political, social, and economic aspects of life—this is especially true outside of the Western world. Followers of Islam believe in full submission to God and this submission is practiced in the secular realm (Taha, 114). Of the five pillars of Islam, one (the zakat) has a direct affect on economic policy and ethics. The culture of Islam has shaped economic and business guidelines In the Islamic World and continues to do so. Cultural ideals attributed to the Qur’an or the Prophet Muhammad, have been a vital source for economic and business practices that have helped to shape the history of many Islamic nations, and are guiding the creation of policies

The attitude of Christians and Muslims towards merchants and trade were very similar, they believed you should be fair to one another and not cheat anyone scam anyone. But their attitude differed when it came to certain ideas. For example Islam encouraged the buyers to pay back their debts whereas Christianity did not say anything about the buyer. As time progressed both parties began to accept trading and merchants as a way of income but still believed that you shouldn’t con or fraud other people and trade fairly. Both religions believed that you should treat others how you would want to be treated, avoid scamming others, and be fair to other

There are four widely recognizable types of markets: competition, perfect competition, monopolistic, and oligopolistic. The differences between these types of markets are dependent upon the

The Islamic world valued commerce and fostered active networks of exchange. Muslim merchants used the Silk Roads, Sea Roads, and Sand Roads of the Afro-Eurasian world, and the Islamic world promoted long-distance economic relationships by supporting a wealthy, highly developed, "capitalist" economy. Islamic civilization also eased a massive exchange of agricultural products and practices. Some of these Indian crops later found their way to Africa and Europe from the Middle East. Technology also distributed widely within the Islamic world. Ancient Persian techniques for obtaining water by drilling into the sides of hills spread to North Africa. Muslim technicians made improvements on rockets developed in China. Techniques for manufacturing paper

Competition in economics is rivalry in supplying or acquiring an economic service or good. Sellers compete with other sellers, and buyers with other buyers. In its perfect form, there is competition among many small buyers and sellers, none of whom is too large to affect the market as a whole; in practice, competition is often reduced by a great variety of limitations, including monopolies. The monopoly, a limit on competition, is an example of market failure. Competition among merchants in foreign trade was common in ancient times, and it has been a characteristic of mercantile and industrial expansion since the Middle Ages. By the 19th century, classical economic theorists had come to regard

Different market decisions determine how an economy is run. There are several different factors that account for how markets make their decisions, which determines how they function. The theory of markets mostly depends on supply and demand. However, it is key to note that there is a difference in demand/supply and quantity demanded/supplied. A demand is how much the buyer plans to purchase at various markets prices and the quantity demanded is what the buyer actually purchases at a particular price. Supply is the producer or the seller’s plan of the amount the seller will make available at different market prices and the quantity supplied is the actual amount that the seller makes available at a particular market price. It is important to

Becoming an expert in Islamic economics and finance field is one of my long-term goals in life. I started to organize and made a plan towards achieving that dream since senior high school. The concern towards Islamic economics and finance concept, and its application for society and the country began when I was reading a book entitled Islamic banking-theory and practice. After finishing reading the book, my interest in Islamic economic and finance topics rose and strengthen my own determination to become the expert of Islamic economics and finance. The main principle of Islamic economics and finance which offers the just and ethics in economic activity, poverty alleviation through income distribution mechanism, and prevention of economic and

The Economy is the backbone to society. There are many factors that operate in, and govern our society’s economical structure. Factors such as scarcity and choice, opportunity cost, marginal analysis, microeconomics, macroeconomics, factors of production, production possibilities, law of increasing opportunity cost, economic systems, circular flow model, money, and economic costs and profits all contribute to what is known as the economy. These properties as well as a few others, work together to influence the economy. Microeconomics and Macroeconomics are two major components. Both of these are broken down into several different components that dictate societal norms and views.