Differentiate Market-to-Market Place. Give at least 2 examples each.

A market is a place where people can buy goods. The market is where the process
of buying, selling, and trading takes place. The market would determine the price of
goods. It also refers to the location where consumers and producers buy and sell goods at
agreed-upon prices. It could be used alone or in groups. In a nutshell, markets are
gathering places for buyers and sellers to interact. Markets include SM, Hypermarket, and
La Suerte.

Conversely, a marketplace is a website with innumerable sellers selling various

products. It refers to the degree of competition in the market for a particular product or
service. Moreover, the marketplace is a one-stop shop where buyers can shop. It is a
substantial gathering place with many stalls and products for sale. It is also accessible to
the general public. For example, in Manila, there is the well-known Divisoria Market. A
single seller does not own the marketplace. Other than that is Uber, where the drivers do
not own the vehicles. A marketplace is a collection of various businesses gathered in one
location. And, as a result of the current situation, the emergence of COVID-19, the online
marketplaces exploded. These are Shopee, Lazada, and Mercari – a Japan-based online
store selling Korean and Japanese goods.

Taking everything into account, these examples show that the owners of a
marketplace do not directly facilitate the sale of goods. Most of the time, they simply take
over local rents and laws. There are a variety of enterprises beneath it over which the
market has no complete control. While this is true of a market, it can also function as a
retail store when the owner is also the product's entrepreneur. A small business that
creates their market website is a good example.
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What is the significance of the market structure?

Market structure is crucial as it determines market-shaping market

participants' motivations, opportunities, and decisions. It determines
which markets your company can enter at a low cost and which
customers are interested in your products. By analyzing the market
structure and focusing on easily accessible markets, your company can
save money. Understanding the market structure will also compel
investors to investigate how the major players will align in the financial
spectrum; this goes beyond simply following the smart money, such as
hedge fund managers and corporate raiders, but will become
increasingly important. It is related to fully comprehending global
politics and power dynamics.

Perfect competition, monopolistic competition, oligopoly, and

monopoly are the four types of economic market structures. The
following features distinguish the categories: the number of producers
is large in perfect and monopolistic competition, small in oligopoly,
and one in monopoly.
 Why would plurality of sellers and perfect information benefit
customers?

Customers benefit from having a large number of sellers because

they will have a variety of price options. Customers benefit from low
prices. There is a variety of competition because there are so many
sellers; as a result, businesses are hesitant to raise their prices. Their
profit will be decreasing if they choose to set a higher price than their
competitors. If a buyer is dissatisfied with a product or service, they
can easily switch to a different seller.

Furthermore, because the prices of commodities are all the same,

buyers have complete knowledge of its price, quality, and
manufacturing process, which refers to as perfect information. For
example, one seller decided to reduce its production costs to provide a
lower-cost product and increase profits. Because many customers have
quintessential information, they will straightforwardly recognize that
the product is subpar.