Market: types, structure, elements

Содержание

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Lecture outline

Subtopic 1 Essence, functions, types, structure of the market.
Subtopic 2 The

Lecture outline Subtopic 1 Essence, functions, types, structure of the market. Subtopic
market as a system of relations. Advantages and disadvantages of the market.
Subtopic 3 The market elements. Demand and supply. Interaction of demand and supply.

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Aims of the lecture:

To understand the meaning of market economy
To explain the

Aims of the lecture: To understand the meaning of market economy To
market functions
To differentiate the types of market
To analyze advantages and disadvantages of market economy
To list the elements of market economy and to understand each of them .

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1. Essence, functions, types, structure of the market. A market is a

1. Essence, functions, types, structure of the market. A market is a
set of arrangements by which buyers and sellers are in contact to exchange goods and services.

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Market development level depends on market infrastructure

market infrastructure is a set of

Market development level depends on market infrastructure market infrastructure is a set
organizations and government agencies to ensure the normal functioning of the different markets

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Market infrastructure

System of establishments and organizations (banks, exchanges, fairs, insurance companies, consultation,

Market infrastructure System of establishments and organizations (banks, exchanges, fairs, insurance companies,
informational and marketing firms and etc.), providing free circulation of goods and services in the market.

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The market functions:

Self regulating function. The prices guide society in choosing what,

The market functions: Self regulating function. The prices guide society in choosing
how and for whom to purchase.
Stimulating function. Businessmen use an innovation equipments, effective ways of producing goods to get high level of profit on the market.
Informating function. The market closes unhealthy, non efficiency production, but it gives possibility to run perspective, new business.

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Market types (according to market functions)

Commodity and service market
Production factors market
Financial market

Market types (according to market functions) Commodity and service market Production factors market Financial market

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Market types (according to market location)

Local / domestic/national market
External/ foreign/international market

Market types (according to market location) Local / domestic/national market External/ foreign/international market

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The structure of a market is

a description of the behavior of buyers

The structure of a market is a description of the behavior of
and sellers in that market.

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The market has the following structure:
perfect competition imperfect competition

The market has the following structure: perfect competition imperfect competition

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Perfect competition

Buyers and sellers have no effect on the market price.
The market

Perfect competition Buyers and sellers have no effect on the market price.
price of a product is stable (constant)
Sellers produce standard type of the product.
There are a lot of sellers of a product
For example: potatoes market, wheat market

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imperfect competition:

Monopoly/ monopolist
Oligopoly / oligopolistic
Monopolistic competition/ monopolistic competitor

imperfect competition: Monopoly/ monopolist Oligopoly / oligopolistic Monopolistic competition/ monopolistic competitor

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Monopoly/ monopolist

Is the sole supplier and potential supplier of the industry’s product.(mono-sole,

Monopoly/ monopolist Is the sole supplier and potential supplier of the industry’s
polio-selling)
e.g. the post office, real way company and others

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Oligopoly / oligopolistic

Is an industry with only a few producers, each recognizing

Oligopoly / oligopolistic Is an industry with only a few producers, each
that its own price depends not merely (only) on its output but also on the actions of its important competitors in the industry. E.g. car industry, oil industry and etc.

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Monopolistic competition/ monopolistic competitor

Is an industry with individually small producers, each of

Monopolistic competition/ monopolistic competitor Is an industry with individually small producers, each
them supply different own product. Each has limited monopoly power in its special brand. E.g. shops, restaurants, sport clubs and etc.

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Subtopic 2

Advantages and disadvantages of the market.

Subtopic 2 Advantages and disadvantages of the market.

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The market advantages:

It has an ability to satisfy enough level of demand

The market advantages: It has an ability to satisfy enough level of
with high level of goods
The sellers and buyers are an independent
It has ability to adopt quickly to any changes on the economy

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Disadvantages of the market:

It only satisfies the needs of person who has

Disadvantages of the market: It only satisfies the needs of person who
money
It is not interested in producing social goods such as roads, education system, health system, public transportation and others.
It does not give warranty(protection) for full employment and stable income
It doesn’t care about ecology, pollution of the environment and others

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Subtopic 3 The market elements. Demand and supply. Interaction of demand and

Subtopic 3 The market elements. Demand and supply. Interaction of demand and
supply.

The market has three elements.
Price
Competition
Demand and supply

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Price

prices are generally expressed in units of some form of currency.

Price prices are generally expressed in units of some form of currency.
(For commodities, they are expressed as currency per unit weight of the commodity, e.g. tenge per kilogram.)
P=AC+ extra charge

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Competition

Rivalry (жарыс) between commodity owners for the best economically profitable conditions of

Competition Rivalry (жарыс) between commodity owners for the best economically profitable conditions
manufacturing and production selling.

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Demand is the quantity of a commodity buyers wish to purchase at

Demand is the quantity of a commodity buyers wish to purchase at each conceivable (possible) price.
each conceivable (possible) price.

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Demand is influenced by several factors:

Income of the buyer
Price of substitution goods
Price

Demand is influenced by several factors: Income of the buyer Price of
of complementary goods
Buyers expectations

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Supply is the quantity of a good sellers wish to sell at

Supply is the quantity of a good sellers wish to sell at each conceivable (possible) price.
each conceivable (possible) price.

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Supply is influenced by several factors:

production costs,
technology,
the number of competitors,

Supply is influenced by several factors: production costs, technology, the number of

and the expectations of producers.

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Interaction of demand and supply.
When the prices raise the demanded quantity of

Interaction of demand and supply. When the prices raise the demanded quantity
the goods decreased, because customers don’t want to buy expensive goods. When the prices decrease the demand for the goods increase as the customer prefer cheap goods. The links between the goods price and demanded quantity are explained by the demand law.

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When the prices raise the supplied quantity of the goods increased, because

When the prices raise the supplied quantity of the goods increased, because
producers want to get more profit. When the prices decrease the supplied quantity of the goods become less as the businessmen don’t want to work at low prices. The links between the goods price and supplied quantity are explained by the supply law.
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