#REAL WORLD MONOPOLY EXAMPLES FREE#

He established this company in 1870 in Cleveland, Ohio. Rockefeller, also considered the wealthiest American of all time. The etymology of monopoly is of Latin origins from the word ‘monopolium’, meaning the right of exclusive sale.

Usually, monopolies surface in one of the two ways, i.e., a larger company strategically conducting business to make small businesses shut down or two rivals merging together, eliminating any competition. Interestingly, even if a company controls 30% of the market, it can be considered a monopoly. Unexpectedly, monopolies grant significant benefits to the company however, they simultaneously make consumers lose their interest in the same company because of a lack of competition. This leads to the company gaining control over the economic fundamentals like production, supply, and trade of goods and services within an industry. A monopoly is deemed as an exclusive control of an industry by a single entity. When we think of the term ‘Monopoly’, the popular board game comes to mind however, monopoly is not just limited to the living room.

#REAL WORLD MONOPOLY EXAMPLES FREE#

Although the free market is generally a positive aspect for both the companies and customers, it can promote unethical practices like monopoly.

Economics is such a dynamic and comprehensive discipline that proposing a new business practice can shake up the entire economic model of a nation, especially in a capitalist community.

Real world monopoly examples