https://padlet.com/londindabrereton/lub3z9nh0zjx7b99 en-us 2020-04-17 02:27:07 UTC 2025-04-05 20:03:18 UTC hello@padlet.com londindabrereton https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/511978914 Greetings, I welcome you to my padlet wall. We will be discussing about market, what it is, its structures, labor market, circular flow model of market economy, market economy and different types of market. Stay tuned as we begin exploring.]]> 2020-04-17 02:37:57 UTC https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/511978914 londindabrereton https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/511984489 A market is a place where buying and selling of goods, services and exchanging of information happen. A market can have one buyer and a lot of sellers which is called a monopsony and in monopoly market one seller controls the market. There are several types of market namely, Auction market where the biggest bidder gets the product; Physical market is a structural place where consumers can go and buy their goods; Virtual market involves buying goods on the internet; Knowledge market exchange of information and services; Black market involves illegal exchange of goods; and financial markets which include stock, bond, foreign and predictive market]]> 2020-04-17 02:44:04 UTC https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/511984489 londindabrereton https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512016313 There are four basic types of market structures that describes economy and help firms make decisions. Firstly, perfect competition, in this structure no firm is above the other, a lot of firms compete against each other, in selling similar goods and they earn similar profits. So, no firm influence the market place. Secondly, Monopolistic competition, in this market certain firms have market power to dissociate themselves by charging slightly higher prices due to their slight differentiation of their goods over other firms e.g. slight difference in coffee taste. Next, Oligopoly, out of many firms, five may dominate the market over other firms. They can choose to collaborate of compete against each other. They can block the exit and entry to the market. Lastly, Monopoly, this firm is self dependent and mainly controlled by the government, they set their own prices and they have no competitions        so they dominate the entire market, e.g. Canada Post.]]> 2020-04-17 03:20:18 UTC https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512016313 londindabrereton https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512051058 Labor market is the demand and supply of labor whereby employer provide the demand and employees provide supply. At a macroeconomic level labor is viewed on unemployment. Theres high levels of unemployment when economy is low, which leads to low GDP and low levels of living standards, this causes financial crisis. In microeconomics firms will employ based on how much their products are in demand. High productivity of quantity demanded will yield more employment. At microeconomic people are willing to work when wages are higher compared to low wages. Firms will hire only if their marginal revenue products exceed marginal costs.]]> 2020-04-17 04:02:31 UTC https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512051058 londindabrereton https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512062045 In a market economy people will buy goods based on their income and if they can afford it, and sellers will sell if they can get maximum profits from goods. The advantage of this is that as the economy grows and changes, people are willing to upgrade their skills to  the new updated technologies so that they don't lose their jobs. Resources are well managed, firms compete and ensures they produce the best products in the market. The downfall to this is that there's high exploitations of resources when more goods are demanded and produced, which is not good for the environment; and if consumers suddenly slow down the buying of goods, firms are left with too much products which are sold at a lower price and this reduces their marginal revenue.]]> 2020-04-17 04:16:40 UTC https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512062045 londindabrereton https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512063918 In this topic I have learned that market is not just going and buying and selling things. This topic is very broad but interesting in how market are classified and work. In each different type of market the goal is to make profit. Buyers and seller benefit from each other in the demand and supply if goods.
I was surprised to learn that within the market there are structure like monopolistic and oligopoly etc which made me understand why so much stores in my area sell similar goods and charges different prices; for example apples, just by growing apples naturally and chemical free can have an advantage in the market place with a slightly higher price than chemical sprayed apples. The quality of goods in the market can make firms charge different prices.
If I had to pass this knowledge to my friends and family, I would definitely tell them to look for products that have quality and not to buy
 because the products are on sale. And that similar products in the market are not similar you have to check for the quality of it.]]> 2020-04-17 04:18:56 UTC https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512063918 londindabrereton https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512229935 In market economy supply and demand are the market forces that determine the price. Supply refers to the produce and the services made while demand is the company and the people that needs the goods and the services. There's a lot of freedom, creativity and people respond to market changes since there's no government  interference. On the contrary, a lot of people struggle with the basic needs since this market does not provide services. There is not enough infrastructure, there's no competition and this can lead to a downfall of the economy.  ]]> 2020-04-17 07:26:32 UTC https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512229935 londindabrereton https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512240332 In this video circular flow model of a market economy demonstrates the flow of money between firms and households. The households provide scarce resources that firms need in order to make their products that is land, labor and capitol. These are exchanged in a resource market where firms buy the resources using money and households sell and earn income. In a product market, households buy the products using the income and firms becomes sellers. There is a mutual benefit, firms make profit from the products so that they can expand their businesses and households gain a stress free quality of life.]]> 2020-04-17 07:33:47 UTC https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512240332 londindabrereton https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512250869
The stock market is where companies go public to sell their shares of their company in order to raise money so that they can expand their businesses. Through advertising, promotions and reviews the stock markets can become highly demanded and more people can be interested in the companies stocks, so the companies would make money by raising the prices of their shares and the people who bought the initial public offer (original) shares will make a profit because the value of their share has also increased. In the same way shares can lose money if the companies are not making profit because less people will invest in it and original shares will lose their value too.]]> 2020-04-17 07:40:34 UTC https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512250869 londindabrereton https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512301175 This image shows a clear path of how a circular flow model works. Money flows from house holds to firm and back to firms from house hold.]]> 2020-04-17 08:11:11 UTC https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512301175 londindabrereton https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512388480 In this labor market graph there is a negative slope in demand because, high wage rate forces firms to sell their products at high price, this makes people to buy less; as a result firms makes less profits and when productivity is low firms will not want too much labor. In supply of labor wage rate will decrease only if competitive firms offer higher prices and labor will increase if low prices are offered. this affects the equilibrium.]]> 2020-04-17 08:59:05 UTC https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512388480 londindabrereton https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512483070 The reason I chose these videos and websites is because these provide optimal understanding of what I was looking for in this research out of so many websites and videos I went through. They are thorough and detailed with easy to understand.]]> 2020-04-17 09:49:59 UTC https://padlet.com/londindabrereton/lub3z9nh0zjx7b99/wish/512483070