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Structure of Global Economic Markets

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Examine the nature and structure of global economic markets. Describe the dynamics of factor markets and their role in creating value.

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Solution Summary

The structure of global economic markets are examined. The nature and structures are determined.

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There are four types of economic markets: perfect competition, oligopolies, monopolies, and monopsony:

1. Perfect competition occurs when there is no one company to set a price on a certain good because if the price is too high, the consumer can go somewhere else and purchase the good at a cheaper price.

2. Oligopolies are when a small number of sellers dominate an industry. A common oligopolistic market is the cell phone industry or the soft-drink industry. Equilibrium within this market is obtained because if you walk inside of a story like Walmart, all of the cell phones are within one particular section of the store and the same with the types of soft drinks.

3. In a monopoly, a company is not in competition with any other company because the company is the sole company with access to ...

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  • Doctorate of Management in Organizational Leadership, University of Phoenix - Online
  • MBA, Webster Univeristy
  • Dual BS Degrees, University of South Carolina
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