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What are all the economic market structure and their differences?
How to identify the market structure?
Step by step
Solved in 2 steps
- What are economic systems, and how do they differ?In the 1990s thousands of “dot-com” companies emerged with great fanfare to take advantage of the Internet and new information technologies. A few, like Yahoo, eBay, and Amazon, have generally thrived and prospered, but many others struggled and eventually failed. Explain these varied outcomes in terms of how the market system answers the question “What goods and services will be produced?”What do you think is/are the most effective and efficient economic system? Explain your answer applying it to the present economic condition.
- Name the three main economic markets, and describe how an individual might participate in each one as a buyer or a sellerIn the 1990s thousands of “dot-com” companies emerged with great fanfare to take advantage of the Internet and new information technologies. A few, like Google, eBay, and Amazon, have generally thrived and prospered, but many others struggled and eventually failed. Explain these varied outcomes in terms of how the market system answers the question “What goods and services will be produced?The economic institution that transforms factors of production into consumer goods is: a. a firm. b. the government. c. lending institutions such as banks and credit unions. d. the stock market.
- Discuss "free market economy" using definition, characteristics, advantages and disadvantagesA traditional economic system which is simply explained as “producers consumers relationship” is said to be related to the environment. 1. Explained how the market works, market behavior, and interaction between the market system and the environment? Explain why the market fails. Provide an example.