1. REVIEW 2.1
Markets

2. A market brings buyers and sellers together
It may have physical boundaries, e.g Jersey fish market, you can see it.
Other markets do not have physical markets, e.g. internet markets, property markets

3. How do firms compete? PRICE – Asda/Tesco Quality – BMW
Promotions – Nector
Branding – M&S, Andrex toilet roll
Advertising – Chocolate bars
Innovations – make product better , Apple

4. Competitive markets are good for consumers because prices are lower.
Companies have to be efficient if they are to survive

5. Past Paper questions
Specimen paper Q6, Q9 (3)
2010 – Q1c (6)

6. REVIEW 2.2
MONOPOLY

7. MONOPOLY –a situation where there is only one firm selling in the market
How do firms become a monopoly?
Merger & Takeover
Statutory monopoly
Internal expansion
Branding
Cost barriers

8. Past Paper questions
2011 – 2d (8)
2012 – 1a (2)
2013 – 2a (2)