| A | B |
|---|
| market structure | The way different industries are organised in terms of numbers and types of buyers and sellers |
| duopoly | market structure that is dominated by two organisations |
| monopoly | A market structure with only one organisation. Has total control |
| oligopoly | market structure this is dominated by a small number of suppliers |
| vic market | an example of perfectly competitive market |
| monopolistic | Market structure that is composed of many organisations selling similar products |
| aviation industry | an example of an oligopoly |
| myki | an example of a monopoly |
| coles and woolworths | example of a duopoly |
| homogenous | a term that means the same or identical |
| identical | another word for homogenous |
| uncompetitive | Market structures range from ones that are highly competitive (eg perfect competition) to ones that are highly |
| sellers | characteristic that determines market structure - number of buyers and |
| entry | characteristic that determines market structure - barriers to |
| costs | a barrier to entry could simply relate to the set up c.... |
| differentiated | characteristic that determines market structure - the extent to which the product is unique or d |
| market power | the ability of any particular business to control or manipulate price or quantities in a market |
| price and quantities | market power can control these two things |
| price gauging | term used to describe when businesses inflate their prices excessively |
| supernormal | name given to the profits that oligopolies and duopolies make |
| product placing, branding, image and location | strategies used to increase cost of product (differentiation) |
| ACCC | Who monitors the misuse of power on consumers |
| Australian Competition and Consumer Commission | what ACCC stands for |
| divestiture | term to describe when the ACCC has the power to divest/strip a company of some of its businesses/ investment |
| media | senate inquiry attracts a lot of m... attention |
| questions | senate inquiry asks large companies difficult ? |
| trust | senate inquiry would suggest to the public the company has breached its t..... |
| no barriers to entry or exit | characteristic of perfectly competitive market |
| homogenous products | only difference between perfectly competitive market and monopolistic is monopolistic does not have these |
| labour force | those 15 or above who are capable of working |
| organisations | thos who demand labour |
| individuals | those who supply labour |
| skills | Individuals can negotiate greater levels of pay if they have these |
| decreases value of wage levels | when supplly of labour is greater than demand it has this impact on wage levels |
| increases value of wage levels | when supply of labour is less than demand it has this impact on wage levels |
| surplus of labour force | when supply of labour is greater than demand it causes this in the labour market |
| shortage of labour force | when supply of labour is less than demand it causes this in the labour market |
| increases labour costs | minimum wage has this impact on businesses |
| reduced level of competitiveness | Increased labour costs has this impact on levels of competitiveness |
| reduced profit margins and reduced staffing | Increased labour costs has on profit margins and staffing |
