About This Chapter
Market Structures - Chapter Summary
This chapter is an effective way to review or learn about microeconomics and market structures. Our text and video lessons offer extensive reviews of individual topics, such as monopolies, market competition, and competitiveness in economics. You can go through the lessons in any order, depending on your study needs, and you can always go back if something doesn't make sense, or if you just want to cram right before an exam. We also include self-assessment quizzes that let you gauge your knowledge of this topic. When you complete the chapter, you will be ready to
- Define and discuss the characteristics of competitive markets
- Share the definition and history of Adam Smith's 'Invisible Hand' concept
- Describe the impact of monopolies and how they affect consumers
- Discuss what monopolistic competition means for the economy
- Differentiate between monopolistic competition and an oligopoly
1. Competitive Market: Definition, Characteristics & Examples
In this lesson, we will look at competitive markets, along with five characteristics that make up this type of market. The lesson will be concluded with a summary and a quiz.
2. 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.
3. 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.
4. 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.
5. Characteristics of Monopolistic Competition
Competition is what makes the business world thrive. In this lesson we will learn about one type of competition known as monopolistic competition. We will learn about the characteristics and how a business might be affected now and in the future.
6. 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.
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Other chapters within the TECEP Microeconomics: Study Guide & Test Prep course
- Basic Economic Concepts
- Supply & Demand in Microeconomics
- Consumers, Producers & Market Efficiency
- Taxation in Microeconomics
- International Trade in Microeconomics
- Public Sector Economics
- Costs in Economics
- Profit & Capital Allocation
- Labor Market Economics
- Theories & Trends in Microeconomics
- TECEP Microeconomics Flashcards