Market Structures, Competition, and Employment Dynamics
Market Structures and Competition
Market
The market encompasses all activities of buying and selling a product between companies and consumers. It forms the basis of market and mixed economies, facilitating exchange through supply and demand.
Perfect Competition
In perfect competition, goods and services are exchanged for cash. Numerous suppliers and applicants exist, with no single supplier able to modify the product price. All companies compete under the same conditions.
Imperfect Competition
Imperfect
Read MoreUnderstanding Market Failures and the Welfare State
Economics Fundamentals
Income and Factors of Production
Income: The value or price of a factor of production within a specific time period. Factors include labor (wages), natural resources (rent), and capital (interest).
Usufruct: The rent derived from utilizing natural resources. This refers to the price of their use, not the price of the resource itself.
Interest: The price of money.
Capital Market
Demand (Borrowing): Driven by consumers, investors, and government spending (decreasing curve).
Supply
Read MoreThe Great Depression: Causes, Impacts, and Recovery
1. The Great Depression: Causes of the 1930s Crisis
The Great Depression of the 1930s was primarily caused by a crisis of overproduction, where businesses produced more goods than consumers could purchase. This was driven by several factors:
- Poverty of the Peasants: Farmers faced economic hardship and struggled to purchase goods.
- Wage Stagnation: While worker productivity increased, wages did not keep pace, limiting consumer purchasing power.
- Overreliance on Credit: Individuals and businesses accumulated
Social Welfare Policy: A Historical and Theoretical Overview
English Poor Law of 1601
3 Basic Principles:
Local responsibility for the poor
Training their children
Employment placement for the unemployed
Law of Settlement 1662
Restricting movements of laborers & the poor
Addressing the issue of “race to the bottom” among local governments
Speenhamland Act of 1795
Wage compensation
Addressing the problem of poverty among low-income workers (jobs did not pay enough to live)
Often criticized as a “catastrophe”
Poor Law Reform of 1834
Basic view: poverty was caused by
Marketing Plan: A Comprehensive Guide
What is a Marketing Plan?
A marketing plan is a written document that outlines a business’s objectives for a specific period and how it plans to achieve them. It’s systematic and structured, including detailed programs and strategies based on analysis.
Key Ideas
- Written Document: The plan must be documented to be presented, analyzed, and implemented by the relevant authorities.
- Systematized and Structured Content: Organized content requires analysis and research, including SWOT analysis, marketing goals,
Marketing Plan Structure and Analysis
T1: Marketing Plan
Marketing Plan Index Analysis
Internal Analysis: History, Corporate Identity, Functional Areas (Financials, HR), Segmentation, Target, Positioning, 4Ps, Loyalty. External Analysis: Macro Environment (PESTEL + Profile); Micro Environment (Competitors – Benchmarking, Suppliers, Market, Sector, 5 Forces).
Marketing Plan Definition
A written document that outlines the objectives to be achieved in a set period, based on analysis and research. It includes the strategies and resources required
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