What is a market?

View this slideshow to prompt discussion / thought about what the phrase ‘market’ can mean in Economics:

MS Powerpoint version of above: http://opengecko.com/resources/economics/markets/Markets.ppt

MJMFoodie introduces the concept of markets and explains the importance of the price mechanism (but does not yet explain how that actually works … that comes later ..,):

 

We now need to understand the structure of the market. We can say that there are different types of market which lie somewhere along a spectrum of market structures. There are two theoretical extremes to this spectrum (perfect competition and monopoly). 

Again, a useful instructional video by MJMFoodie should provide guidance here:

 

Now see if you can apply your understanding from the above to the images in this slideshow:

MS Powerpoint version of above: http://opengecko.com/resources/economics/markets/Market%20Structure.ppt