About This Chapter
Market Structures in Economics - Chapter Summary and Learning Objectives
There are a number of factors at play when it comes to market structures in economies around the world. In this chapter, you'll learn about the roles of consumers, producers, competition and supply and demand. You will also have the chance to explore major global economies as well as key economic theories and concepts. By studying this chapter's video lessons, you'll learn about:
- How monopolies affect consumers
- What oligopolies are
- What the market structures of major global economies are
- How an economic command system functions
- What game theory proposes
- How Nash Equilibrium influences supply and demand
|Perfect Competition in Economics & Adam Smith's 'Invisible Hand'||Find out what conditions are needed to support perfect economic competition.|
|What is a Monopoly in Economics? - Definition & Impact on Consumers||See how a monopoly forms and how it affects producers and consumers.|
|Understanding Monopolistic Competition in Economics||Discover what kinds of industries get involved in monopolistic competition.|
|What is an Oligopoly? - Definition & Impact on Consumers||Learn what an oligopoly is as well as its benefits and drawbacks.|
|An Overview of Major Economic Powers of the World||Explore the sizes, GDP and market structures of major industrialized countries.|
|Understanding a Command System in Economics||Get details on how a command system functions in an economy.|
|What is Game Theory? - Explanation & Application in Economics||Find out what game theory is and how it applies to economic systems.|
|Nash Equilibrium & Game Theory||See what the Nash Equilibrium tells producers and how it impacts supply and demand.|
1. Perfect Competition in Economics & Adam Smith's 'Invisible Hand'
In this lesson, you'll learn how consumers and producers interact in a perfectly competitive economic system. You'll also be introduced to how Adam's Smith concept of an 'invisible hand' can help keep such systems in line.
2. What is a Monopoly in Economics? - Definition & Impact on Consumers
In this lesson, you will learn about monopolistic markets and what a monopoly means for producers and consumers. After this lesson, you will understand why the name of one of our all-time favorite board games really makes perfect sense.
3. Understanding Monopolistic Competition in Economics
In this lesson, we'll learn about monopolistic competition. This type of competition can be found in a free market where products are differentiated, but not so differentiated that any single firm has the power to influence market prices.
4. Natural Monopoly in Economics: Definition & Examples
Find out what a natural monopoly is and why they exist. Learn about some everyday services that you use that are provided by companies that are natural monopolies.
5. What is an Oligopoly? - Definition & Impact on Consumers
In this lesson, we will discuss a market structure that is actually quite common in the United States, as well as most other industrialized countries: oligopolies. Oligopolies are the market structures that sit somewhere between a monopoly and perfect competition. In this lesson, we will find out how.
6. Understanding a Command System in Economics
In this lesson, we'll discuss a command system: one of the often tried, but mostly failed, economic systems of the last century. Because it requires an individual or group to make decisions based on who makes what, there are important challenges of a command system.
7. Capitalism and the Free Market: Definition & Limitations
Capitalism is an economic system that has played a dominant part in building the world in which we currently live. In this lesson, you'll learn about some key concepts of capitalism, as well as its limitations.
8. What is Game Theory? - Explanation & Application in Economics
Economics is just as much about consumer and producer behavior as it is about finance or the allocation of resources. With that in mind, this lesson will explain one of the most fundamental tools economists use to frame competitive decision making.
9. Nash Equilibrium & Game Theory
The 2001 movie, 'A Beautiful Mind,' told the story of John Nash, a Nobel Prize-winning economist who theorized the Nash equilibrium. In this lesson, we'll learn about Nash equilibrium by studying game theory.
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Other chapters within the Economics 101: Principles of Microeconomics course
- Introduction to Microeconomics
- Supply and Demand in Microeconomics
- Consumer Behavior & Microeconomics
- Producers in Microeconomics
- Business Structures & Barriers to Entry
- Accounting & Economic Costs
- Scarce Economic Resource Markets
- Business Technology, Research & Development
- Government Issues in Microeconomics
- Studying for Economics 101