Market
Gujarat Board · Class 11 · Economics
Complete topic list for Market in Gujarat Board Class 11 Economics. Key concepts, sub-topics, and what to focus on for board exams.
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Topics in Market
Meaning and Characteristics of Market
- Market is a functional system where buyers and sellers contact each other to decide price and quantity of goods or services
- Market can be physical or virtual - direct contact (physical markets) or indirect contact (online shopping, tele-shopping)
- Five essential characteristics: Numerous sellers and buyers, Goods and services, Contact between parties, Price determination, Information about market situation
Classification of Markets
- Markets classified by Location: Local, Regional, National, International
- Markets classified by Quantity: Wholesale and Retail
- Markets classified by Competition: Perfect Competition and Imperfect Competition
Perfect Competition
- Ideal market structure existing only theoretically, rarely in practice except agricultural sector
- Six key characteristics: Numerous buyers and sellers, Identical products, Free entry and exit, Perfect market knowledge, Mobility of factors, No transportation costs
- Single seller cannot influence market price - firms are 'price takers'
Monopoly
- Market with single seller/producer and numerous buyers
- Seven characteristics: One seller many buyers, No substitute goods, Restricted entry, Price/sales control, Super normal profits, Price discrimination, Firm is industry
- Monopolist is 'price maker' - can control either price or quantity sold, not both
Key Concepts
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