The Study of Markets by https://padlet.com/curt9272/y54kwbvy0ej9 Created by Curt & Nathaniel en-us 2018-04-18 01:38:00 UTC 2026-02-07 10:53:30 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Send.png The Product Market curt9272 https://padlet.com/curt9272/y54kwbvy0ej9/wish/252821557 The market for consumer goods and services. At the microeconimc level:
  • Households are buyers
  • Firms/Companies are sellers
Within the product market, households have money in the from of wages that they can buy goods and services with. Once goods and services are bought, money flows from household to firms creating a profit or revenue. The picture below explains how the product market flows. (Picture #3) https://www.tes.com/teaching-resource/macroeconomics-lesson-1-circular-flow-diagram-6242387
]]> 2018-04-18 01:38:00 UTC https://padlet.com/curt9272/y54kwbvy0ej9/wish/252821557 The Circular Flow Model curt9272 https://padlet.com/curt9272/y54kwbvy0ej9/wish/252821558 Two basic type of markets exists in all market economies:
  • Resource Markets
  • Product Markets 
This video introduces the circular flow model of money, resources, goods and sevices within a market economy. It's important to understand the relationships between the government, buisnesses and individuals within both the resource and product markets. (Video #2) https://www.youtube.com/watch?v=_PKH2wtDT3E
]]> 2018-04-18 01:38:00 UTC https://padlet.com/curt9272/y54kwbvy0ej9/wish/252821558 The Factor Market curt9272 https://padlet.com/curt9272/y54kwbvy0ej9/wish/252821559 The market where households sell their factors of production or scarce resources to firms. At the microeconomic level:
  • Households sell resources
  • Firms buy resources
The factor market facilitates production (i.e. labour, raw materials, capital and land). These resources are used by firms and companies in order to make finished products to sell.
(Picture #2) https://www.msci.com/www/blog-posts/understanding-factor-exposures/0858256064
]]> 2018-04-18 01:38:00 UTC https://padlet.com/curt9272/y54kwbvy0ej9/wish/252821559 The Market Economy curt9272 https://padlet.com/curt9272/y54kwbvy0ej9/wish/252821560 The market economy, otherwise known as the 'free market' is not controlled by the government, it more or less controls itself. Supply and demand are the most fundamental concepts within a market economy. Demand refers to the quantity of a desired product, whereas supplu refers to just how much of that product there is. (Picture #1) http://inesad.edu.bo/developmentroast/2012/08/you-cant-fire-your-land-how-the-humble-farmer-dethrones-free-market-economics/]]> 2018-04-18 01:38:00 UTC https://padlet.com/curt9272/y54kwbvy0ej9/wish/252821560 What is a Market? curt9272 https://padlet.com/curt9272/y54kwbvy0ej9/wish/252821561 A market is the process of buyers and sellers exchanging goods and services. Every market is different in the goods in services that are produced and the services offered but ALL markets facilitate trade. (Website #1)]]> 2018-04-18 01:38:00 UTC https://padlet.com/curt9272/y54kwbvy0ej9/wish/252821561 Markets in Economics curt9272 https://padlet.com/curt9272/y54kwbvy0ej9/wish/252829512 Created by: Curt Zimmermann & Nathaniel Kelly]]> 2018-04-18 02:26:51 UTC https://padlet.com/curt9272/y54kwbvy0ej9/wish/252829512 Introduction curt9272 https://padlet.com/curt9272/y54kwbvy0ej9/wish/252829939 Markets have been around many years in the form of business markets, bartering, and vendors.  Markets follow the principle of trade. In order to have a market and economy is required to have buyers and sellers. Business marketing occurs when companies sell products or services to other companies and organizations who then resell them. A vendor is a person or company offering something for sale (i.e. a trader in the street). http://www.wordle.net/]]> 2018-04-18 02:28:50 UTC https://padlet.com/curt9272/y54kwbvy0ej9/wish/252829939 How Do Markets' Work in The Economy? nathanielkelly98 https://padlet.com/curt9272/y54kwbvy0ej9/wish/252988704 This video breaks down the basic fundamentals of how a market functions and how we interact in markets daily. A key point to remember in this video is that, buyers as a group determine the demand for a product and the sellers of a group determine the supply of a product. (Video #1)
https://www.youtube.com/watch?v=_ciGltfeeaQ]]> 2018-04-18 13:39:04 UTC https://padlet.com/curt9272/y54kwbvy0ej9/wish/252988704 Why are Markets important? nathanielkelly98 https://padlet.com/curt9272/y54kwbvy0ej9/wish/253002210 Markets are important because they contribute to building an economy. This is a good website to visit because, it provides a plethora of information on the topic. If someone has no idea what a market is, they could visit this website and receive the information needed to understand this topic and, why it is important. (Website #3)]]> 2018-04-18 14:01:54 UTC https://padlet.com/curt9272/y54kwbvy0ej9/wish/253002210 Free-Market Economy curt9272 https://padlet.com/curt9272/y54kwbvy0ej9/wish/253010296 An economic system where goods and services are set freely. Countries with a free market economy are allowed to reach a certain point of equlibrium without government intervention. (Website #2)]]> 2018-04-18 14:15:46 UTC https://padlet.com/curt9272/y54kwbvy0ej9/wish/253010296 Conclusion curt9272 https://padlet.com/curt9272/y54kwbvy0ej9/wish/253011740 In conclusion, almost everything in todays economy has a market structure. Prices of goods and services are consistently changing, interest rates are constantly fluctuating, and all opportunities are a cost. The following characteristics best define a market economy:
  • Private Property
  • Freedom of Choice
  • Self-Interest
  • Competition
  • System of Markets
  • Government
In free markets, owners are free to buy, sell and produce goods and services at their own free will. In most cases, everyone sells their 'shares' to the highest bidder at the lowest price, bargaining to benefit the economy in the long run. As soon as the demand for a product increases the prices are forced to increase, thus referring to law of demand. A market economy relies on an effieciently run market system. The role of the government in a market structure is to ensure markets are open and effective. 
]]> 2018-04-18 14:18:24 UTC https://padlet.com/curt9272/y54kwbvy0ej9/wish/253011740 Discussion Questions curt9272 https://padlet.com/curt9272/y54kwbvy0ej9/wish/253013126 2018-04-18 14:20:37 UTC https://padlet.com/curt9272/y54kwbvy0ej9/wish/253013126 The Factor Market Cont'd nathanielkelly98 https://padlet.com/curt9272/y54kwbvy0ej9/wish/253032682 https://www.youtube.com/watch?v=J0LigIdph8I]]> 2018-04-18 14:56:24 UTC https://padlet.com/curt9272/y54kwbvy0ej9/wish/253032682