reaction paper ( film viewing )

v     Market Structure –

Interconnected characteristics of a market, such as the number and relative strength of buyers and sellers and degree of collusion among them, level and forms of competition, extent of product differentiation, and ease of entry into and exit from the market

4 basic types of Market structure:

Ø      Perfect Competition –

A market structure in which:

1. All firms sell an identical product.
2. All firms are price takers.
3. All firms have a relatively small market share.
4. Buyers know the nature of the product being sold and the prices
charged by each firm.
5. The industry is characterized by freedom of entry and exit.

Ø      Monopoly -

A monopoly is a market structure in which a single supplier produces and sells the product. If there is a single seller in a certain industry and there are no close substitutes for the goods being produced, then the market structure is that of a "pure monopoly".

Ø      Monopolistic Competition –

There are many sellers in an industry and/or there exist many close substitutes for the goods being produced, but nevertheless firms retain some market power.

Ø      Oligopoly –

A particular market is controlled by a small group of firms. It is much like a monopoly, in which only one company exerts control over most of a market. In an oligopoly, there are at least two firms controlling the market.

Characteristic	Perfect Competition	Oligopoly	Monopoly
Number of firms	Many	Few	One
Type of product	Homogenous	Differentiated	Limited
Barriers to entry	None	High	High
Pricing	Price taker	Price maker	Price maker
Profit maximization	--------	Not always	Usually, but not always
Economic efficiency	High	Low	Low
Innovative behavior	Weak	Very Strong	Potentially strong

• Market structure is important because it affects market outcomes through its impact on the motivations, opportunities and decisions of economic factors participating in the market.

February Reaction Paper

OWWA vows livelihood aid
by Lee Ann P. Ducusin
Monday, 28 February 2011 19:19
THE Overseas Workers Welfare Administration will provide stress debriefing and livelihood assistance for Filipinos who fled Libya.

OWWA Administrator Carmelita Dimzon said OFWs who want to start their own business need only to inform the Department of Labor and Employment the kind of business they want to put up.

“Tutulungan natin kung maliit na halaga ang micro-entrepreneurship, we can give them financial grant. Kung malaki we have loan assistance for them. Bibigyan sila ng stress debriefing sa gusto sumailalim sa stress debriefing,” she said.

However, Deputy Presidential Spokeswoman Abigail Valte explained that the livelihood assistance will apply only to Filipinos who were not given job commitments by their Libyan employers.

She said many of the repatriated Filipinos, especially those working in multinational companies, had been assured of alternate jobs.



REACTION:

The whole world is in distress for what is happening in the Middle East. People in different raises working on that affected areas with chaos are moving back on their respective countries. Many OFWs are rescued and sent back here in the Philippines. Yes they are already saved and pulled away from the battle but the question is, ‘how can they start a new life when nothing’s left from them?’, ‘how can they sustain the needs of their family when their jobs are all gone now?’.
The proposed plan of the OWWA to give livelihood assistance for the rescued OFWs who are not given job commitments by their employers is definitely a right solution for this concern. I am happy to here that the Philippine government is planning to help and aid the sorrow of our poor OFWs. This can at least be a way for them to move on with their lives, start a new chapter and forget their traumatic experiences in the center of the war.
I am hoping that this plan will be put into action and will not remain as a promise!
May the government take every steps to help not only the OFW but each Filipinos who are in need.