Index
Introduction - 1
Defining A Market - 2
The Importance Of Competition - 3
The Result Of Competition - 4
Intervening In Markets - 5
The Allocative Role - 6
The Distributive Role - 7
The Regulative Role - 8
The Regulative Role (continued) - 9
The Role Of Government - 10
The Role of Government (continued) - 11
The Stabilizing Role - 12
Vertical and Horizontal Integration Defined - 13
Defining Market Structure - 14
How A Firm Can Grow - 15
Mergers and Takeovers - 16
Vertical And Horizonal Integration (Diagram) - 17
Why markets Vary in Structure - 18
Product Differentiation - 19
Product Differentiation (continued) - 20
Free Range ''Googs''- 21
Product Differentiation (continued) - 22
Non Price Competition - 23
Non Price Competition (continued) - 24
Defining The Types Of Market Structures - 25
Perfect Competition - 26
Perfect Competition (continued) - 27
The Market For Oranges - 28
The Market For Oranges (continued) - 29
Bitter Oranges - 30
Summary: Perfect Competition - 31
Monopolistic Competition - 32
True Blue Oranges - 33
Monopolistic Competition (continued) - 34
Oligopoly - 35
Oligopoly (continued) - 36
Oligopoly (continued) - 37
Kinked Demand Curves - 38
OPEC - 39
OPEC (continued) - 40
Monopoly - 41
Microsoft - 42
Why Monopolies Are Inefficient - 43
Revision Questions On Market Forms - 44

Free Range ''Googs'' - 21

A major argument is brewing in the fruit and vegetable market, as gene technology is producing new varieties of foods.

Many people are uncomfortable with genetically altered tomatoes that stay red and firm for a month, and potatoes that have been altered to produce their own pesticide against common pests that attack them. Can we be sure such foods do not have side effects that we are currently unaware of? (Reflect on ''Cost Benefit Analysis'').

Many people differentiate a product on ''ethical'' grounds. ''Free range'' eggs come from chickens raised in a more traditional farming method than do ''battery'' eggs, who are raised in ''hi tech'' pens and cages, never allowed to forage in the fields, but kept inside all their lives. Nutritional analysis says there is little if any difference, in the eggs produced by either method.

Placing eggs
on a conveyer belt
prior to washing
and packing at
Golden Egg Farms
Western Australia
Image copyright:
Golden Egg Farms
www.goldeneggs.com.au
Yet many consumers will swear that ''free range'' eggs are ''better'', and they will be willing to pay a higher price for such eggs. (And they do. Twenty years ago, ''free range'' eggs were unheard of).

(A ''goog'' is an egg, if you haven't heard of the term before!).