SEBI grade A preparation and Discussion.
ECONOMICS NOTES Types of Market Structures
There are quite a few different market structures that can characterize an economy. However, if you are just getting started with this topic, you may want to look at the four basic types of market structures first: perfect competition, monopolistic competition, oligopoly, and monopoly. Each of them has its own set of characteristics and assumptions, which in turn affect the decision making of firms and the profits they can make.It is important to note that not all of these market structures exist in reality; some of them are just theoretical constructs. Nevertheless, they are critical because they help us understand how competing firms make decisions.
1. PERFECT COMPETITIONPerfect competition describes a market structure, where a large number of small firms compete against each other. In this scenario, a single firm does not have any significant market power. As a result, the industry as a whole produces the socially optimal level of output, because none of the firms can influence market prices.The idea of perfect competition builds on several assumptions: (1) all firms maximize profits (2) there is free entry and exit to the market, (3) all firms sell completely identical (i.e., homogenous) goods, (4) there are no consumer preferences. By looking at those assumptions, it becomes quite obvious that we will hardly ever find perfect competition in reality. That is an essential aspect because it is the only market structure that can (theoretically) result in a socially optimal level of output.Probably the best example of a market with an almost perfect competition we can find in reality is the stock market. If you are looking for more information on perfect competition, you can also check our post on perfect competition vs. imperfect competition.
2. MONOPOLISTIC COMPETITIONMonopolistic competition also refers to a market structure, where a large number of small firms compete against each other. However, unlike in perfect competition, the firms in monopolistic competition sell similar, but slightly differentiated products. That gives them a certain degree of market power, which allows them to charge higher prices within a certain range.Monopolistic competition builds on the following assumptions: (1) all firms maximize profits (2) there is free entry, and exit to the market, (3) firms sell differentiated products (4) consumers may prefer one product over the other. Now, those assumptions are a bit closer to reality than the ones we looked at in perfect competition. However, this market structure no longer results in a socially optimal level of output because the firms have more power and can influence market prices to a certain degree.An example of monopolistic competition is the market for cereals. There is a huge number of different brands (e.g., Cap’n Crunch, Lucky Charms, Froot Loops, Apple Jacks). Most of them probably taste slightly different, but at the end of the day, they are all breakfast cereals.
3. OLIGOPOLYAn oligopoly describes a market structure that is dominated by only a small number of firms. That results in a state of limited competition. The firms can either compete against each other or collaborate (see also Cournot vs. Bertrand Competition). By doing so, they can use their collective market power to drive up prices and earn more profit.The oligopolistic market structure builds on the following assumptions: (1) all firms maximize profits, (2) oligopolies can set prices, (3) there are barriers to entry and exit in the market, (4) products may be homogenous or differentiated, and (5) there is only a few firms that dominate the market. Unfortunately, it is not clearly defined what a “few firms“ means precisely. As a rule of thumb, we say that an oligopoly typically consists of about 3-5 dominant firms.To give an example of an oligopoly, let’s look at the market for gaming consoles. This market is dominated by three powerful companies: Microsoft, Sony, and Nintendo. That leaves all of them with a significant amount of market power.
4. MONOPOLYA monopoly refers to a market structure where a single firm controls the entire market. In this scenario, the firm has the highest level of market power, as consumers do not have any alternatives. As a result, monopolies often reduce output to increase prices and earn more profit.The following assumptions are made when we talk about monopolies: (1) the monopolist maximizes profit, (2) it can set the price, (3) there are high barriers to entry and exit, (4) there is only one firm that dominates the entire market.From the perspective of society, most monopolies are usually not desirable, because they result in lower outputs and higher prices compared to competitive markets. Therefore, they are often regulated by the government. An example of a real-life monopoly could be Monsanto. This company trademarks about 80% of all corn harvested in the US, which gives it a high level of market power. You can find additional information about monopolies in our post on monopoly power.
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Types of Market Structures
There are quite a few different market structures that can characterize an economy. However, if you are just getting started with this topic, you may want to look at the four basic types of market structures first: perfect competition, monopolistic competition, oligopoly, and monopoly. Each of them has its own set of characteristics and assumptions, which in turn affect the decision making of firms and the profits they can make.It is important to note that not all of these market structures exist in reality; some of them are just theoretical constructs. Nevertheless, they are critical because they help us understand how competing firms make decisions.
1. PERFECT COMPETITIONPerfect competition describes a market structure, where a large number of small firms compete against each other. In this scenario, a single firm does not have any significant market power. As a result, the industry as a whole produces the socially optimal level of output, because none of the firms can influence market prices.The idea of perfect competition builds on several assumptions: (1) all firms maximize profits (2) there is free entry and exit to the market, (3) all firms sell completely identical (i.e., homogenous) goods, (4) there are no consumer preferences. By looking at those assumptions, it becomes quite obvious that we will hardly ever find perfect competition in reality. That is an essential aspect because it is the only market structure that can (theoretically) result in a socially optimal level of output.Probably the best example of a market with an almost perfect competition we can find in reality is the stock market. If you are looking for more information on perfect competition, you can also check our post on perfect competition vs. imperfect competition.
2. MONOPOLISTIC COMPETITIONMonopolistic competition also refers to a market structure, where a large number of small firms compete against each other. However, unlike in perfect competition, the firms in monopolistic competition sell similar, but slightly differentiated products. That gives them a certain degree of market power, which allows them to charge higher prices within a certain range.Monopolistic competition builds on the following assumptions: (1) all firms maximize profits (2) there is free entry, and exit to the market, (3) firms sell differentiated products (4) consumers may prefer one product over the other. Now, those assumptions are a bit closer to reality than the ones we looked at in perfect competition. However, this market structure no longer results in a socially optimal level of output because the firms have more power and can influence market prices to a certain degree.An example of monopolistic competition is the market for cereals. There is a huge number of different brands (e.g., Cap’n Crunch, Lucky Charms, Froot Loops, Apple Jacks). Most of them probably taste slightly different, but at the end of the day, they are all breakfast cereals.
3. OLIGOPOLYAn oligopoly describes a market structure that is dominated by only a small number of firms. That results in a state of limited competition. The firms can either compete against each other or collaborate (see also Cournot vs. Bertrand Competition). By doing so, they can use their collective market power to drive up prices and earn more profit.The oligopolistic market structure builds on the following assumptions: (1) all firms maximize profits, (2) oligopolies can set prices, (3) there are barriers to entry and exit in the market, (4) products may be homogenous or differentiated, and (5) there is only a few firms that dominate the market. Unfortunately, it is not clearly defined what a “few firms“ means precisely. As a rule of thumb, we say that an oligopoly typically consists of about 3-5 dominant firms.To give an example of an oligopoly, let’s look at the market for gaming consoles. This market is dominated by three powerful companies: Microsoft, Sony, and Nintendo. That leaves all of them with a significant amount of market power.
4. MONOPOLYA monopoly refers to a market structure where a single firm controls the entire market. In this scenario, the firm has the highest level of market power, as consumers do not have any alternatives. As a result, monopolies often reduce output to increase prices and earn more profit.The following assumptions are made when we talk about monopolies: (1) the monopolist maximizes profit, (2) it can set the price, (3) there are high barriers to entry and exit, (4) there is only one firm that dominates the entire market.From the perspective of society, most monopolies are usually not desirable, because they result in lower outputs and higher prices compared to competitive markets. Therefore, they are often regulated by the government. An example of a real-life monopoly could be Monsanto. This company trademarks about 80% of all corn harvested in the US, which gives it a high level of market power. You can find additional information about monopolies in our post on monopoly power.
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COSTING--Total Productive Maintenance (TPM)
Total Productive Maintenance (TPM) is a process or technique. This technique was first introduced by Japanese in 1952. This is an extension to TQM. Total Productive Maintenance is a well-defined and organized program which eliminates the losses caused by break-down of machines and equipments by identifying and attacking all causes of equipment break downs and system down time.Total Productive Maintenance here in after referred as TPM. TPM is a cost-effective technique.Through this technique it is possible to maintain the plant, machinery/equipment and tools in productive state in least cost. Well maintained machines lead to productivity. There is a relation between cost of maintenance and cost of quality. We can’t think quality outputs without quality inputs and one of the important input is TPM. Cost incurred to maintain equipment is considered as a quality cost. It is possible to achieve stated quality through conscious efforts put by everyone who is directly or indirectly involved in the production and maintenance system by implementing TPM technique. Europeans and Americans thought that production is low status work and maintenance has below status than production because maintenance does not take part directly in revenue generation rather it is treated as system overhead. But Japanese have proved that production and maintenance has high status. Productivity encompasses cost, quality, quantity, efforts, time, rework, scrap, working environment and competitiveness of the organization. Every manufacturing organization wants to achieve productivity and TPM plays major role in it. This study is concerned with the assessment of TPM as tool to improve organization’s performance.
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IMPORTANT TOPIC ON ECONOMICS Different Concepts of National Income
National income is an important concept of Macro Economics. There are number of concepts pertaining to national income.
1) Gross National Product (GNP)Gross national product is the total measure of the flow of goods and services, at market value resulting from current production, during a year in a country, including net income from abroad.GNP =C+I+G+(X-M)+(R-P)
2) Gross National Product at Market Price (GNP (MP))It means the gross value of final goods and services produced annually in a country, which is estimated according to the price prevailing in the market. Market price including cost of production + indirect taxes.GNP (MP) = C + I + G + (X-M) + (R-P)C = Private Consumption ExpenditureI = Domestic Private InvestmentG = Government's Consumption & Investment Expenditure.(X-M) = Net Export Value. (Value of exports Value of imports)(R-P) = Receipts from Property abroad - Payments to abroad.MP = Production at Market Price.
3) Gross National Product at Factor Cost: (GNP (FC))Gross national product at factor cost is the sum of the money value of the income, produced by and accruing to the various factors of production in one year in a country.In order to arrive at GNP at factor cost, we deduct indirect taxes from GNP at market prices and add subsidies to GNP at Market. Prices.GNP(FC) = GNP(MP) - Indirect Taxes + Subsidies
4) Gross Domestic Product at Market Price (GDP (MP))Gross domestic product at market price is the gross market value of all final goods and services produced within the domestic territory of a country, during a period of one year.• The term gross implies that it includes depreciation.• GDP at market price includes amount of indirect taxes paid and excludes amount of subsidy received, that is, net indirect taxes are included. GDP(MP) = GNP - Net Income from abroad.\GDP(MP) = C + I + G + (X-M)
5) Gross Domestic Product at Factor Cost (GDP (FC) )Gross domestic product at factor cost is the gross money value of all final goods and services produced within the domestic territory of a country, during a period of one year.GDP at factor cost includes amount of subsidy, but excludes amount of indirect taxes paid.GDP (FC) = GDP (MP) - Indirect Taxes + Subsidies\ GDP(FC)=C+I+G+(X-M)-IT+S
6) Net Domestic Product at Market Price (NDP (MP)):Net domestic product at market price is the net market value of all final goods and services produced, within the territorial boundaries of a country, during a period of one year.NDP (MP) = GDP (MP) - Depreciation
7) Net Domestic Product at Factor Cost (NDP (FC)):Net domestic product at factor cost is the net money value of all final goods and services produced, within the territorial boundaries of a country, during a period of one year.NDP (FC) is also known as domestic income or domestic factor income.NDP (FC) = GDP (MP) - Net Indirect Taxes - Depreciation
8) Net National Product at Market Price (NNP (MP)):Net national product at market price is the net market value of all final goods and services produced, by the residents of a country, during a period of one year. If we deduct depreciation from GNP at market prices we get NNP at market prices.NNP (MP) – GNP (MP) = Depreciation
9) Net National Product at Factor Cost (NNP (FC)):Net national product at factor cost is the net money, value of all final goods and services produced by the residents of a country, during a period of year.It includes income earned by factors of production.NNP (FC) - NNP (MP) - Indirect Taxes + Subsidies
10) National Income at Factor Cost (NI (FC)): National income at factor cost means the sum of all incomes, earned by resource suppliers for their contribution of land, labour, capital and entrepreneurial ability, which go into the year's net production.NI (FC) = NNP (MP) - Indirect Taxes + Subsidies.
Personal Income (PI):Personal income is the sum of all incomes, actually received by all individuals or households from all the sources during a given year. It may be earned or unearned.
Personal Disposable Income:Personal disposable income is that part of personal income which is left behind after payment of personal direct taxes like income tax, personal property taxes, etc.
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