Understanding Markets and Competition in Macroeconomics

Let's take a look at the concept of markets and competition in macroeconomics. We'll start by defining a market (including centralized versus decentralized markets) then we'll delve into what makes a competitive market, and finally we'll discuss the characteristics of perfect competition.
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00:00 Intro
00:22 What is a market?
01:28 What is competition?
02:56 Examples of perfect competition