Fast Facts For Curious Minds

BUSINESS AND ECONOMICS

• Monopoly: Characteristics, Advantages, Disadvantages
  By Immanuel Martinez
  A monopoly is one of the four major types of market structures alongside perfect competition, monopolistic competition, and oligopoly. It is generally characterized by the absence of competition in which a single producer or seller provides or supplies a particular product in a specific market or ...
• Perfect Competition: Advantages and Disadvantages
  By Immanuel Martinez
  A market or industry is considered under perfect competition if it has a sizeable number of producers or sellers offering homogenous products to a large number of consumers or buyers. These are the fundamental characteristics of this market structure. Some of the characteristics of this structure ...
• Characteristics of Perfect Competition
  By Immanuel Martinez
  One of the four major types of market structures is perfect competition characterized by a sizeable number of firms or producers operating and competing in a particular market or industry offering the same products with no differentiation. These firms or producers are fundamentally offering ...
• Monopolistic Competition: Advantages and Disadvantages
  By Immanuel Martinez
  Markets considered under a monopolistic competition structure are common in market and mixed market economies. The smartphone market is a prime example because it adheres to key characteristics such as the presence of numerous firms offering similar albeit differentiated products for a large target ...
• Characteristics of Monopolistic Competition
  By Immanuel Martinez
  Monopolistic competition is one of the four major types of market structures along side perfect competition, oligopoly, and monopoly. It is characterized by the presence of numerous firms operating within a particular market or industry offering competing products that are somewhat similar but have ...
• Types of Market Structures
  By Immanuel Martinez
  Market structures represent the economic environment in which firms or businesses operate and compete with one another. A particular industry or sector can be characterized by its market structure depending on the intensity of competition among involved firms, as well as the prevailing barriers to ...
• Characteristics of a Centrally Planned Economy
  By Claire Garcia
  A centrally planned economy is an economic system and a specific type of a planned economy in which economic decisions are made by a central government rather than the interaction among market participants such as consumers and producers. Note that there are key similarities between a command ...
• Command Economy: Advantages and Disadvantages
  By Claire Garcia
  Key characteristics of a command economy such as central government control and public ownership have appealed to thinkers and leaders who believe that the function of a government in the economy should center on owning and controlling the means of production. Hence, this economic system has been ...