Our Economy: Strand 3 Types of markets In economics we have three main types of market competition: Write It!


1. Perfect competition 2. Imperfect competition 3. Monopoly


This is how economists define different markets: Perfect competition


In this market there are many sellers who sell identical products.


Example: Farmers’ markets


• All sell the same goods or services.


• Each seller wants to make a profit.


• No barriers to entering the market.


Imperfect competition


In this market there are many sellers who sell similar products.


Example: Cosmetic market • Many buyers and sellers.


• All sell similar goods and services.


• A wide choice of goods and services.


• Different promotional techniques, packaging, branding, etc.


DEIRDRE’S DOUGHNUTS IS A FOR-PROFIT CAFÉ LOCATED ON EARL STREET, CO. LONGFORD. DEIRDRE RECENTLY INVESTED IN DRONES, WHICH CAN DELIVER THE DOUGHNUTS.


Let’s look at a market for doughnuts. Deirdre is the seller and you are the buyer.


• Be the seller: Deirdre is always looking to sell at the highest price for her bag of doughnuts. The seller has to cover all their costs while at the same time aiming to make a profit for the business.


• Be the buyer: You are looking to buy at the lowest price and keep as much of your income as possible so that you can spend it elsewhere.


EXAM PREPARATION!


State ‘markets’ and ‘consumer’. Explain each term using an example. Apply it to another unit.


P. 288


Go to page 288 of the activity book.


‘A good consumer always shops around.’ List two reasons why a consumer might Write It! compare prices.


356 Monopoly


In this market there is only one seller of goods and services.


Example: Irish Rail • No competition.


• Sales/profit can be low as they may provide services for the good of the general public.


• Barriers to entry into the market.


Research markets that your class may be aware of.


STOP! WRITE IT!


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