A Market - any situation where buyer and sellers are in contact in order to establish a price

Competitive Market :

• Large number of businesses producing a similar product
• No business has market power
• Businesses have to compete on price
• Good for the customer

Monopoly :

• A market controlled by a single business
• If a business controls 25% of a market then it's a monopoly
• Not good for the customer

Oligopoly :

• Market dominated by a few large businesses
• Hard to enter usually
• Bad for the customer

Monopolistic Competition:

• Large number of businesses
• Products are the same except for name brand
• Each firm has a monopoly over its brand name
• Brand name is what sells product

Market Size - is the number of potential buyers and/or sellers of a product or service.

Market Growth - it is the increase in the demand for a business product over a period of time.

It’s important for a business to know the size of their market so they know how many buyers there are and don’t over produce a product which would drive the price down.