Market Structures
In this type of market, many small businesses sell identical products, and no one business has control.
Perfect Competition
This stage is also refered to as the "boom" cycle. where businesses grow, and people spend more money.
Expansion
The price of a product is affected by supply, demand, competition, and customer preferences.
Market Forces
In this market, a few large businesses dominate and set prices making it near impossible for others to enter.
Oligopoly
This stage occurs when economic growth reaches its highest point before slowing down
Peak
Large businesses moving into a town can make it harder for these to survive
Small businesses
This market structure is considered ideal but does not exist in real life
Perfect competition
In this stage, consumer spending drops, businesses slow down, and unemployment rises.
Contraction
When new technology makes older products less usefel or necessary
Technological advancement
This market has many businesses selling similar but not identical products, like different brands of cookies.
Monopolistic Competition
During this stage, the government may lower interest rates to help businesses and consumer.
Contraction
This genre affected supply, demand, and the price of goods beginning in 2020.
COVID-19
A single company dominates an entire market and controls prices.
Monopoly
This is the lowest point of the economic cycle, but leads to recovery.
Trough
When people have less money to spend because of job loss or inflation.
Economic growth during a contraction stage