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FINANCIAL MARKET: A market that trades financial assets. Financial assets are the legal claims on the real assets in our economy and include such notable items as corporate stocks and bonds, government securities, and money. Without financial markets our economy would find it almost impossible to accumulate the funds needed for investment in big, expensive capital projects.

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Lesson 17: Market Structures | Unit 1: Intro Page: 5 of 23

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In this unit, you should have learned about:
  • An introduction to the notion of market structure, also termed industrial organization, and the four types -- perfect competition, monopoly, monopolistic competition, and oligopoly.
  • Why market structures important to study in terms of efficient resource allocation and government regulation of markets.
  • A few examples of the four types of market structures.
  • The factors the influence the market structure of an industry, including number of competitors, production technology, total market demand, and entry barriers.
  • Market control as the ability to influence or control market price and/or quantity.
  • That market control is range of control, that depends on the number of competitors on the dominance of selected firms, affects the law of supply and efficiency, and is constrained by the law of demand.
  • That competition, which depends on the number of competitors, can take the form of competition among the few and competition among the many.


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COMPENSATING WAGE DIFFERENTIALS

Different wages paid to different workers or in different markets that adjust for differences in the jobs or in the productivity of the workers. Wage differentials occur for many reasons. Quite often they are the result of the personal preferences of workers. In some cases workers are willing to "buy" leisure-time or other types of household production by taking lower wages. Differences in job risks, education, and location are also reasons for the persistence of wage differentials.

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Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for strangers with large satchels of used undergarments.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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