Economics is a word that is derived from economy; it deals with business and trade dealings because established business setups and appropriate foreign trade relationships are foundation of prosperous state. Economics when spread on international scale refers to international economics. International economics refers to all business practices that are being done at smaller or larger scale; it covers supply of money, demand of goods, growth of economy, competition, productivity, international environment, trade and non-trading zones along with the policies stated out by government in order to maintain a balance between inflation and recession (John, 2013).
The assignment deals with perfectly competitive environment which is a hypothetical market where competition is at its highest level. The article that is selected for research is ‘Economic Performance of Perfectly Competitive Market in terms of Efficiency, Costs, and Profit’. This research will cover extracts from article to identify these markets in the world; some approximates can be investigated in the real market. The details of assignment are as follows:
In the first Two Paragraphs, Identify at least Four Key Points that the Article Highlights
The article has highlighted following description;
The article that is selected to present is “Theme Overview: Agricultural and Food Markets Structure and Competition”. The article was published in ‘The Magazine of Food, Farm, and Resource Issues’ in 2012.
In this article, author Joseph Balagtas highlighted main ingredients of perfectly competitive market; secondly, he discussed economic performance of agricultural and food markets along with its effects on cost, profit and efficiency.
Next, this article has discussed about agricultural markets as the contiguous representative of perfectly competitive markets. This market deals with variety of sellers, vendors, suppliers and distributors; all of these people produce same types of fruits, vegetables, and…