1. How a business is like a sports team when it competes.
2. The four characteristics used to identify the market structure.
3. How do the structures affect production and pricing.
4. The kinds of mergers and the reasons for merging.
5. How marketing helps the business to compete.
6. What the four P's of marketing mean.
OUTLINE
I Market Structure
A. Characteristics of Market Structure (Figure 1, p. 181)
B. Perfect Competition
1. Many Sellers
2. Identical Goods or Services
3. Complete Information is Available
4. Freedom of Entry to the Market (No Barriers to Entry)
C. Monopoly
1. Single Seller
2. No Close Substitutes
3. Barriers to Entry
D. Legal Monopolies
1. Natural Monopolies
2. Government Licenses
3. Patents as Monopolies
4. Copyrights and Trademarks as Monopolies
E. Business and Market Power
1. Monopolistic Competition
a) Different Products
b) Customer Services
c) Warrenties and Support
d) Prestige
F. Oligopoly N.B. Graph and KINKED Demand Curve p. 188
1. Competition and Restricting Competition
G. Business Mergers
1. Vertical Mergers
2. Horizontal Mergers
3. Conglomerate Mergers
4. Joint Ventures
5. Business Competition and Information.
H. Marketing N.B. Table of the Major Marketing Functions, p. 193
1. The Four P's of Marketing (Price, Product, Promotion, Place)
2. The Economics of Advertising
