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• Market structure


  How different industries are classified and differentiated based on their degree and nature of competition for goods and services
• Market power


  The ability of any factor or group of actors in the market to significantly influence the price in the market and the quantity to be produced or sold
• Perfect competition


  • Large number of small companies competing against each other
  • Sell similar products (homogeneous)
  • Lack price influence over the commodities
  • Free to enter or exit the market
• Monopolistic competition


  • Imperfectly competitive market with traits of both monopoly and competitive market
  • Numerous sellers and buyers in the market
  • Sell similar products
• Product differentiation

  • Advertisement
  • Packaging
  • Quality and branding
• Oligopoly


  • Small number of large companies that sell differentiated or identical products
  • Competitive strategies are dependent on each other
• Monopoly


  • Single company represents the whole industry
  • No competitor
  • Sole seller of products in the entire market
• Implications of market structures for entrepreneurs

  • Investment and interest rate
  • Rentals
  • Minimum wage
  • Taxes
• Strategies to encourage small Filipino entrepreneurs

  1. Support/patronize local

  2. Don't be afraid to take risk

  3. As much as possible, don't go into debt

  4. Invest

  5. Be unique