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Economics

Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
Has anyone ever studied economics? If so need your help because I don't have clue about anything and I am doing it at college at the moment, please help someone!

Comments

  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    *cough* student forum *cough*

    im really helpful me, huh? sorry, i actually havent studied economics, so im really not helpful.

    sorry.....

    also, why are you studying it at college if you dont have a clue about it? bit daft really......

    have a chat with your tutors, and tell them youre not really getting it, im sure they could arrange some xtra help for you, or go over some stuff youre unsure of.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    It is part of my college course and our tutor is useless and just buggers off all the time.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    well do you have a specific question?
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Questions lol

    1) what are the conditions for perfect competition to take place?
    2) what are the barriers that exist in Monopolistic competiotion?
    3) Why do Oligopolists rarely get involved in Price-Wars?

    Can anyone help?
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Originally posted by *lil~miss*
    Questions lol

    1) what are the conditions for perfect competition to take place?
    2) what are the barriers that exist in Monopolistic competiotion?
    3) Why do Oligopolists rarely get involved in Price-Wars?

    Can anyone help?
    i cant help without having to dig my notes out from last year. can't you get a text book out from the library?
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    I have been using the net at the moment to help me out and got a booklet from class to help but not had a chance to go the libary yet.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    well i had to do economics at uni last year and i found it quite difficult. what did help me though was buying a text book called 'Economics for Business' by Sloman & Sutcliffe. write notes and it will help you especially when it comes to the exam. i got a good mark in the end too :)
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Thanks for your help :D
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    studied it fro A level and got a U!!
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    What does U mean? (sorry i'm Scottish so don't understand the english system)
  • JsTJsT TheSite Graduate Posts: 18,265 I am one with The Mix
    U = Unclassified.

    ie: So shit it didn't deserve a mark :p
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Oh ok
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    perfect competition exists in free market conditions, competitive market where prices are decided by the consumers (largely by), more choice etc....

    barriers? which kind? do u mean the barriers for a monoploy to exist or what problems it causes for consumers?

    because the consumers only have a few choices so tehre is less competition. it is better for the shops to charge 'fixed prices' (illegal to decide on prices to charge together but usually ahppens) can see this in most major supermarkets. works out better for everyone. if they were competitive then more shops/business may enter market making it harder for existing businesses. oligpolies are very hard to set up a new business in the market

    yeah......i dont do economics so they very generalised. but i do b.s.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Does anyone know what satisficing means?
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    We never even got tought this. Our teacher just gave us this assessment and told us to get on with it. :mad:
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Originally posted by *lil~miss*
    Questions lol

    1) what are the conditions for perfect competition to take place?
    2) what are the barriers that exist in Monopolistic competiotion?
    3) Why do Oligopolists rarely get involved in Price-Wars?

    Can anyone help?

    1) a-Perfect Knowledge
    b- Product Homogeniety
    c- No barriers to entry
    d- More than 2 firms in industry
    e- Cannot earn abnormal profit, only earn normal profit.

    2)No barriers to entry as abnormal profits attract competition which will inevitably be driven out the market but can still under cut the monopoly and turn a profit.

    3)The kinked demand curve explains this, look it up. It is basically because whoever has the lowest costs will win and none of the firms has knowledge of this and it can be extremely damaging.
    There is no actual barriers to entry and exit, I don't think in Monopolistic competetion. However, there is in terms of product differentiation. A monopolisitically competetive market consists of a large number of producers and these all create a slightly diferent product but the point I'm trying to make is that all these firms promote their product by claiming that their product is unique , they do this through branding and advertising. I could use many examples such as...Walkers crisps. Walkers use their brand and advertising. Its the same with shampoos and stuff like that. The branding of products puts other companies off joining the market because of the sunk costs that will occur from trying to compete with them.

    Thats an oligopolistic market. A monopolist is one producer in a market, an oligopoly is 4 controlling more than 80%.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    www.bized.ac.uk

    If you haven't found it already.
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