Compare and Contrast Economic Market Systems
In differentiating between market structures one has to compare and contrast public goods, private goods, common resources, and natural monopolies. All of these are major factors that need to be considered. Public goods are those goods in which all of society benefit from and are equally shared among everyone within. These types of goods can be consumed simultaneously by several individuals without diminishing the value of consumption to any individual. The act of public goods being consumed by several individuals and not allow its value to diminish is known as non-rivalry. When shown graphically, non-rivalry shows that when each of the individuals within society shows a demand for a certain product or service, all the individual demand curves are shown to have a direct proportional relationship and show a vertical curve to get the aggregated demand curve for a public good. Private goods are the direct opposite of public goods, the consumption of one individual will directly affect the diminishing value of consumption to any individual. Private goods are almost exclusively made for profit. A very good example of a private good would be the common food necessities such bread and eggs. With one individual consuming these products, the ability for others to consume the same product will diminish. This fact makes private goods rivalry since the value of the good is diminished for other individuals. When shown graphically, rivalry services and goods such as private goods shows that when each of the individuals within society shows a demand for it, all the individual demand curves are shown to have an indirect proportionate relationship and will show a horizontal curve to get the aggregated demand curve for a private good as shown on the graph below:
A natural monopoly occurs when due to large fixed (Start-up) costs, decreasing continuous average cost occur over the range of production, so the government allows for there to be only one firm (monopoly) to provide a service or good for an area or region within society. A very good example of this are utility companies such as electricity, due to the high start-up cost of infrastructure within an area or region , a sole provider of electricity is used in most areas or regions. Common resources are those resources in which they are often rivalries. These resources are also non-excludable meaning that nobody can restrict the use of this resource by other individuals. A common resource would be that of oxygen and water. Nobody can restrict another individual the use of oxygen since it is all over and uncontrollable.
Whether public goods, private goods, natural resources, and common resources fluctuate, they are all much needed in a society and allow for market structures to function within the basic element s of economics within a society. Compare and Contrast the Differences Between an Experienced and Inexperienced
Experience is the key in comparing and contrasting the differences between an experience and inexperience teacher. I myself am new at teaching and from observing an experience teacher recently, have so much yet to learn to become more confident and bring the best out of my learners, to manage a classroom more effectively. Being new to teaching I am keen to learn and adapt, learn from the mistakes I will make, and ensure my new chosen career is a successful one, something maybe a more experience teacher is less willing to do, as their career is established and sees no need to change what has worked. Experienced teachers have a wealth of knowledge not only in their subject area, but also in making mistakes, learning from these and becoming a more confident teacher. To be able to differential with all learners within their class, more prepared for every eventuality and capable to adapt to different situation whenever they arise. “Experienced teachers don’t deal with problems, they prevent them occurring” [Petty,...
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