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COMPETITION: In general, the actions of two or more rivals in pursuit of the same objective. In the context of markets, the specific objective is either selling goods to buyers or alternatively buying goods from sellers. Competition tends to come in two varieties -- competition among the few, which is market with a small number of sellers (or buyers), such that each seller (or buyer) has some degree of market control, and competition among the many, which is a market with so many buyers and sellers that none is able to influence the market price or quantity exchanged.
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BROWN PRAGMATOX
Your compete MICRO*scope for today
You are the type of person who always goes with function over form and substance over style. Family and friends take you shopping whenever they buy big, bulky items that require a lot of lifting. Today, you are likely to spend a great deal of time watching infomercials trying to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for mail order catalogs with hidden messages. You should consider shopping at stores or businesses beginning with the letter W, but do not buy any products with a serial number or product code containing the number 770573. Your preferred shopping venue is thrift stores. Your special symbol is the comma (,).
Is this You?
As a Brown Pragmatox, you are down-to-earth and practical. You are hard working and industrious. You are frugal to the point that you might even refrain from making a purchase that you really, really need. Doing so often causes problems down the road. You definitely go with function over form and substance over style.
This isn't me! What am I?
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IMPERFECT COMPETITION Markets or industries with two or more sellers and buyers that fail to match the criteria of perfect competition. The most noted examples of imperfect competition are the two market structures with selling-side control--monopolistic competition and oligopoly. Lesser known market structures with buying-side control--monopsonistic competition and oligopsony--are also considered as imperfect competition. Facing no competition, monopoly and monopsony are not included. Most real world markets can be considered imperfect competition.
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Fact 1: Our Limited PieThe first stop for any pedestrian on a leisurely stroll through the busy economic streets of Shady Valley is Scarcity Stan's Ye Olde Bakery Shoppe and Confectionery Palace. The most noted pastry on Scarcity Stan's list of delectables, wedged between his mouth-watering apple danishes and scrumptious jelly donuts, is economic pie. My mouth waters with the thought. Economic pie isn't like other donuts, cakes, and confectioneries with their gobs of sweetness, but very little nutritional sustenance. In fact, given that it refers to the sum total of the economy's resources and productive activity, economic pie is filled to the brim with sustenance. Unfortunately, Scarcity Stan and the congregation of people we call society, has only one economic pie, and while it's pretty large, it's never quite as big as we would like.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Long-range goals keep you from being frustrated by short-term failures " -- J. C. Penney, Retailer
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MSCI
Morgan Stanley Capital Index
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