Econ notes.pdf - Chapter 9 Market and Industry 1 Market arrangements that people have developed for trading with one another 2 Industry group of

Econ notes.pdf - Chapter 9 Market and Industry 1 Market...

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Chapter 9 Market and Industry 1. Market: arrangements that people have developed for trading with one another. 2. Industry: group of businesses that share common concerns 3. Differences Among Industries: a. Number of firms b. Product differences i. differentiated Products ii. Undifferentiated Products c. Control of price i. Depends on amount of competition ii. Price setters and price takers d. Entering/Exiting the Industry i. Barriers 1. Natural and Artificial e. Perfect competition i. Easy to enter and exit industry 4. Oligopoly contains a few firms with mutual interdependence 5. Duopoly: two firms 6. Natural Monopoly Chapter 10 7. Money: 8. Legal Tender: Offered as payment for a debt, creditor must accept it
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9. Function of money: a. Means of payment i. Lower cost of doing business ii. Simpler than bartering b. Measure of value i. Common and Consistent c. Means of storing purchasing power 10. Characteristics of money
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