Main Forms Of Market — Flashcards
ICSE · Class 12 · Economics
40 flashcards for Main Forms Of Market (ICSE Class 12 Economics) to test yourself on key terms and facts. Sample: "What is a market in economics?"
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What is a market in economics?
Answer
A market is the whole region in which buyers and sellers of a commodity are in free contact with one another, so that the price of the same goods tends to equality easily and quickly. It is not limite…
What are the four essentials of a market?
Answer
A market has four essentials: area or region, a commodity, buyers and sellers, and competition. Without all four, a market is incomplete in economics.
Cournot's definition of market
Answer
Cournot defined market as the whole region in which buyers and sellers are in free intercourse with one another, so that the price of the same goods tends to equality easily and quickly. The main idea…
How are markets classified on the basis of entry of new firms?
Answer
Competitive markets allow free entry of new firms. Monopoly restricts entry. Oligopoly makes entry difficult. Entry conditions are one important way to classify market forms.
What is perfect competition?
Answer
Perfect competition is a market situation with a very large number of buyers and sellers selling homogeneous products. Every firm is a price-taker, not a price-maker. It is an imaginary market form an…
Why is a firm under perfect competition called a price-taker?
Answer
A firm under perfect competition cannot influence the market price because there are many buyers and sellers and the product is identical. The industry fixes the price, and the individual firm accepts…
What is pure competition, and how is it different from perfect competition?
Answer
Pure competition requires only three conditions: large numbers, homogeneous product, and free entry and exit. Perfect competition is wider because it also adds perfect knowledge, perfect mobility, and…
What are the main features of perfect competition?
Answer
The main features are: very large number of buyers and sellers, homogeneous products, free entry and exit of firms, perfect knowledge, perfect mobility of goods and factors, and no transport cost effe…
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