Home reading Understanding Economics Chapter 4. Mājās lasīšanas atskaite
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This chapter is an interesting and accessible introduction to key economic ideas with examples drawn from a wide range of situations. The chapter deals with characteristics of business firms and market structures. Firstly, reading this chapter, we get information about basic principles and features of business firms. Secondly, this chapter provides information about the various ways in which a business can be organized and consider the advantages and disadvantages of each. Thirdly, four various types of market structures, under which businesses operate, are described in this chapter. They are: pure competition, monopoly, oligopoly and monopolistic competition. And finally we can complete some task at the end of the chapter to check out our knowledge.
After reading this chapter, I feel that I have a very clear understanding of characteristics of business firms and market structures. Key terms are explained clearly using practical analogies to aid understanding. The style and vocabulary would make this chapter interesting and perspicuous to any reader.
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