Tag: market
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Different sizes of firms
Main reasons for different sizes of firms Size of market Capital Organization Barriers to enter
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Reason for market failure
Reasons for market failure Affected parties ignored Non-profitable goods not produced Improper allocation of resources Social injustice
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Market failures
Concept of market failure Market failure is when the market forces do not perform the way they expected to Market forces fail Inefficiency of market The government intervenes after the market failure Eg. Externalities
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Advantages of Mixed economy
Advantages of mixed system Choice for consumers Government providing essential services Example: Postal services, army, street lighting
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Mixed economy
Mixed system An economy where both private sector and government operate and play a key role It is also referred to as an economy which is the sum of the advantages of market and planned system
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Advantages of Planned economy
Advantages of Planned system Wasteful competition is avoided Goods and services like health and education are provided Even distribution of income
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Planned economy
Planned system Planned system is an economic system where resources are allocated by the, the state determines what is going to be produced. Example: USSR
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Advantages of market economy
Advantages of market system Price determination by supply and demand Choice is available in the market There is efficiency Buyers are free to buy any product Low prices due to efficiency
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Economic system
3 Economic systems Market system Planned system Mixed system
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Mass marketing-Niche marketing
Mass marketing Selling the products and services to the entire population. There is no segmentation done in mass marketing Niche marketing Selling the products and services to a small group of people There is segmentation done in niche marketing