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markets/demand&supply - iskoom lyrics

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(ay, ay)
man said, ”what is a market?”
a market can be defined as any situation where buyers and sellers come together and engage in trade

(market, market)
what is the market structure?
the number of firms in the market
the degree of differentiation in the product
what barriers to entry exist?
what is the level of information?

common types of market structure:

perfect compet-tion –
number of buyers and sellers: infinite
degree of product differentiation: none
barriers to entry: no barriers to entry
and what is the outcome? low prices

what about monopolies?
number of buyers and sellers: one seller
degree of product differentiation: very high
barriers to entry: incredibly high
and what is the outcome? high prices, low efficiency

let’s talk oligopoly
number of buyers and sellers: three to eight sellers
degree of product differentiation: usually high t-
barriers to entry: high
and what is the outcome? dependent

-ding-dong-
with the start of demand and supply -n-lysis we have arrived at our first major topic area of theme one. the essential ideas that we’ll be covering over the next week or so will reappear in many other parts of this track and throughout the next three mixtapes. jamie, can you define demand for us, please?

i can talk about demand
but it isn’t that advanced
it’s the quant-ty of service (or good)
a consumer is willing (and could)
purchase, at a given price in a given time

when price increases, demand decreases
downward sloping, observe:
a change in price causes a movement along the demand curve

a movement along the demand curve?
a movement along the demand curve!
while we talk about the demand curve
let’s mention a shift in the demand curve
other factors shift the demand curve:
advertising shifts the demand curve
change in population shifts the demand curve
change in real income shifts the demand
price of a complimentary good? that shifts the demand curve

yeah, complimentary goods:
goods which are in joint consumption
you cannot have one without the other
e.g. petrol and cars

e.g. supply and demand
supply can be defined as the quant-ty of a good and service
a firm is willing to produce
at a given price, in a given time period

(ayy) price increases, so does supply
because profit per unit is high
(yeah) upward sloping

- iskoom lyrics

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