Reflection Paper - 1607 Words

REFLECTION PAPER BY ECONOMICS FEBRUARY 19, 2010 During this previous week, our learning team began discussing the topic of market structures. According to our readings, there are four different types of market structures such as pure competition, a pure monopoly, a monopolistic competition, and an oligopoly. Each one of these market structures are diverse in definition, characteristics, and in application, which will be further explained later in detail. We had learned that each one of these four market structures can be applied to businesses, organizations, and many other companies and can also have an impact on their pricing strategies, organizational goals, creating†¦show more content†¦An economy of scale is a method pertaining to barrier to entry. This is a method of lowering a firm’s total cost by increasing its size. In a monopoly market structure, economy of scale would serve as an entry barrier for new firms. The costs of competing with such a large firm would overwhelm a new company. Another method of barrier to entry takes the form of legal patents and licenses. These are government barriers to entry. A patent is defined as an exclusive right of an inventor to use, or to allow another to use, his or her invention (McConnell, Brue, Flynn, 2009). This creates a barrier for new firms to duplicate products and services. Although this does not limit small firms from entrance, larger and more established firms have advantages in abilities to fund research and development branches to invent new services’ and products. In addition to patents, governments issue licenses that limit the amount of entries into a particular industry. Other methods may include ownership or control of essential resources. When firms have control over resources; it makes entry into markets difficult. For instance, if one company owns a large amount of timberland; it would be very challenging for another company to move into the market and begin chopping their own trees and selling timber. There are other methods such as increasing advertisements,Show MoreRelatedReflection Paper1317 Words   |  6 Pagesused to struggle with forming my thoughts into writing, let alone a paper. I was never confident with what I wrote. My writing had no greater purpose other than the assignment. My writing process included: writing my paper, proofreading it, and turning it in. Once the paper left my hands, it also left my mind. Throughout this course we worked with others, visited the writing lab, wrote critiques, and we were able to revise our papers. I believe that all of this is has caused me to grow greatly as aRead MoreReflection Paper836 Words   |  4 Pagesand integrating quotes. 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