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a place or a situation where market participants meet and exchange goods or services.
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;region, area-the global, international, domestic/home, regional, local market: legal, illegal: black market, grey market, twilight zones: what is traded: consumer market, industrial m, comodity market, housing market, property market: wholesale market, retail market: street, flower, fish, virtual market
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the total amount of a pecific commodity that sellers can offer at a given price and in a given period of time.
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the total amount of a specific commodity that buyers are ready to buy at a given price and in a given period of time.
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price of product, the prices of substitute goods available on the market, the number of buyers, their incomes, the purchasing power of the currency and customers' tastes and preferances, age, religion, sex, education
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price of the product, technology, production costs, taxes, the number of suppliers, availability of labour and resources
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The law of supply and demand start learning
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market prices are set by the intersection of the supply curve and the demand curve. As prices rise, sellers offer larger quanitites of the product. If supply exceeds demand, the market becomes overstoked with merchandise-it is congested or glutted and prices fall
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the price at which supply meets demand. At the equalibrium price both buyers and sellers are satisfied
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market is well balanced if the price of a commodity attracts as much demand as the sellers can meet, if demand meets supply
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dotacja, moeny that is paid by the government or an organization to make sth cheaper to buy
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all regulations have been lifted, can respond to fluctuations in supply and demand better and faster than those which are regulated
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Adam Smith metaphor used to describe competition regulating the economy, thanks to which consumers receive the best products at the best prices
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they prevent market from monopoly, prohibit cut-throat competition
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e. g in agriculture, is a situation in which companies are so small that no single company can individually influence. Porducts are very similar. It is easy for a company to enter or leave the market. In pure competition prices are set entirely by the law of supply and demand
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there are many companies in an industry and where their products differ. This type of competition is typical for retails shops which charge different prices for the products they sell. Comapnies in monopolistic competition are rather small and it is relatively easy to enter or leave the market
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there are a handful of powerful companies that can control prices. If one company cuts prices, others will probably do the same. To enter the market you need huge investment so market entry is restricted to those who have enough money
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one powerful company has eliminated its rivals and can excercise full control over the prices its charges. Regulated monopoly means that there is only one company offering the product in the region but the prices it charges are subject to govenment regulations. Comapnies selling electricity, water or gas(puc) are in fact, regulated monopolies
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methods to gain competitive advantage start learning
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cost leadership: trying to be a low-cost producer|differentation: trying to be unique, different to others|focus strategy: trying to select a small part of the market segment (a niche) and to serve it, trying to exclude competitors.
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