Differences between factor + product market + competitions

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5 Terms

1
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What is the product market?

Where goods + services are sold + bought, sometime referred to as the consumer market

2
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What is the factor market?

Where different factors of production are bought + sold, sometimes referred to as the input market.

3
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How do the factor market and product market correlate?

  • The factor market is driven by demand in the product market.

  • The resources needed to produce goods + services are created or obtained in sufficient quantities to satisfy demand in the product market.

  • If a product market doesn’t want a good. the factor market won’t produce them.

4
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What are monoplies?

Company that owns the market, without much competition.

5
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What are the 6 methods to win over customers?

  • Branding

  • USP (unique selling point)

  • Advertising

  • Quality

  • Price

  • Updates.