Midterms are now over and it's a relief. We learned about competition and monopolies this week. Competition is about which can give us the best product at a good price. Monopoly is the least competitive of all markets. Characteristics of a monopoly is that there is only one seller and they control the prices. There are four different monopolies which are natural, governmental, geographical, and technological monopolies. Market Structures are perfect competition, monopolistic competition, oligopoly, and monopoly. We also learned about people who protect consumers such as the FDA and the EPA.
It's so hard to remember all of these things.....But it will be helpful when you contact competitions.
ReplyDeleteIt is awesome that exams are over. I feel like we have learned a lot of things this week and it might be hard to remember all of these terms but I'm sure they will be very useful later in your life. Good blog as always, Michael!
ReplyDeleteIm so glad that midterms are over, but it seems so long since then. Economics is something we can't lose our knowledge in the long run and will definetly serve us a purpose in out lives.
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