Question: What are the two basic types of markets that exist in the market economy (1 Viewer)
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darkchild69
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Re: Question: What are the two basic types of markets that exist in the market econom
I would say open and closed?
Closed = no import / export
Open = import / export
Oh
I misread question..
2 types of market:
Probably looking at monopoly and pure competition, chuck in oligopoly and monopolistic competition too
I would say open and closed?
Closed = no import / export
Open = import / export
Oh
I misread question..
2 types of market:
Probably looking at monopoly and pure competition, chuck in oligopoly and monopolistic competition too
Last edited:
Re: Question: What are the two basic types of markets that exist in the market econom
In addition to this, the book uses different words for certain terms. It's really annoying...
Although this seems reasonable, we're not meant to have learnt about it until the next chapter, so I'm confused now. Everything was going fine until I got to chapter 3. I can't find the answers to the questions in the book, and I haven't learnt it in class either...I would say open and closed?
Closed = no import / export
Open = import / export
Oh
I misread question..
2 types of market:
Probably looking at monopoly and pure competition, chuck in oligopoly and monopolistic competition too
In addition to this, the book uses different words for certain terms. It's really annoying...
gnrlies
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Re: Question: What are the two basic types of markets that exist in the market econom
Market (people do what they want without govt intervention)
Planned (govt organises the economy like in communism)
realistically all economies are a combination of both.
regards
Market (people do what they want without govt intervention)
Planned (govt organises the economy like in communism)
realistically all economies are a combination of both.
regards
Re: Question: What are the two basic types of markets that exist in the market econom
I agree it's annoying how there are so many different synonymous terms flying around, leaving questions open to interpretation.
Because the question specifies TWO basic types, my guess is it's looking for -
i) Free market (aka laissez faire) where price and quantity are determined by market forces (i.e. demand & supply).
ii) Regulated market where the government controls price or quantity or both
Monopoly/oligopoly/monopolistic competition/perfect competition are forms of market structures, not markets.
I agree it's annoying how there are so many different synonymous terms flying around, leaving questions open to interpretation.
Because the question specifies TWO basic types, my guess is it's looking for -
i) Free market (aka laissez faire) where price and quantity are determined by market forces (i.e. demand & supply).
ii) Regulated market where the government controls price or quantity or both
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