Ukusebenza Kwezemakethe Nokurhwebelana.

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Imakethe nokurhwebelana yizinto ezibaluleke khulu kwezomnotho, zidlala indima ekulu ekwabelaneni kwensenjenziswa kanye nokusatshalaliswa kwepahla eyisizo khulu enarheni mazombe. Imakethe yindawo lapho abathengi nabathengisi bahlangana khona ukuze batjhentjhisane ngepahla neensetjenziswa zemphakathini, bese kuthi ukurhwebelana kube yisenzo sokuthenga nokuthengisa leyo pahla neensetjenziswa.

 Imihlobo yemakethe esinayo. 
Kukhona imihlobo ehlukeneko yemakethe, efaka hlangana:

1. Iphikiswano ephelele (Perfect Competition): Lomhlobo wemakethe kulapho kunabathengi nabathengisi abanengi, ukungena nokuphuma okulula, kanye nelwazi eliphelele (Smith, 1776).

2. Ukunqoba (Monopoly): Lomhlobo wemakethe kulapho ikhampani eyodwa kwaphela ikhiqiza imikhiqizo nofana iinsetjenziswa ezithileko enikela ngazo kumakethe.

3. Ukubumbana kwamakhampani ambalwa (Oligopoly): Lomhlobo wemakethe kulapho amakhampani ambalwa abusa khona begodu aphikisana ngokunikela kumakethe.

 Iindlela Zokurhwebelana (Trading Mechanisms) 
Iindlela zokurhwebelana zifaka hlangana imigomo nemibandela elawula ukuthenga nokuthengisa epahleni neensetjenziswa  kumakethe. Lezi iindlela zingaba:

1. Ukurhwebelana Ngokuzwisisana (Auction-based trading): Lomhlobo yindlela lapho abathengi nabathengisi bafaka amanani wabo, iintengo zibekwa ngendlela yokuhlangabezana kwesidingo nokunikelwa ngepahla nanyana iinsetjenziswa ezithize kumakethe..

2. Ukurwebelana Ngaphandle kokuzwisisana (Quote-driven trading):Lomhlobo yindlela lapho abenzi bemakethe banikeza amanani wokuthenga nokuthengisa, abathengi bangakhetha ukuwamukela nofana ukuwalandula.

 Ukusebenza Kwemakethe (Market Efficiency) 
Ukusebenza kwemakethe kutjho ikghono lemakethe lokubonisa loke ilwazi elokhona eentengweni. Kune mihlobo emithathu yokusebenza kwemakethe:

1. Ifomu Elibuthakathaka (Weak form efficiency): Iintengo zibonisa loke ilwazi lamanani adlulileko.

2.Ifomu Eliphakathi (Semi-strong form efficiency): Iintengo zikhombisa loke ilwazi elikhona emphakathini.

3. Ifomu Elinamandla (Strong form efficiency): Iintengo zikhombisa loke ilwazi, kungaba ngelikhona emphakathini nofana elifihlakeleko.

Imakethe bokurhwebelana kuyizinto ezinganakuthembeka begodu ezitjhugulukako mihla namalanga ezidlala indima ekulu ekwabelaneni kweensetjenziswa nekusatshalalisweni kwepahla neensetjensiza. Ukulemula iminhlobo ehlukeneko yemakethe, iindlela zokurhwebelana, nokusebenza kwemakethe kubalulekile ekuthatheni iinqumo ezihlakaniphileko zokwandisa imali nokuzwisisa ubunzima bokwandisa umnotho esikhathini sanje.

Chamberlin, E. H. (1933). The Theory of Monopolistic Competition. Harvard University Press.

Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. Journal of Finance, 25(2), 383-417.

Hasbrouck, J. (2007). Empirical Market Microstructure. Oxford University Press.

Marshall, A. (1890). Principles of Economics. Macmillan.  Milgrom, P. (2004). Putting Auction Theory to Work. Cambridge University Press.

Smith, A. (1776). The Wealth of Nations. Penguin Books

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