MONOPOLY

Etymology

The term 'MONOPOLY' originates from the Greek words 'monos' meaning 'single' and 'polein' meaning 'to sell'.

Definition

MONOPOLY refers to exclusive control of a commodity or service in a particular market, enabling price manipulation and market dominance.

Historical Context

The concept of MONOPOLY dates back centuries, with early references found in ancient texts such as the Mishna. Over time, the understanding and implications of MONOPOLY have evolved.

Cultural Significance

MONOPOLY has become a symbol of economic power and market dominance in popular culture. The board game 'Monopoly' has also played a significant role in shaping public perception of monopolies.

Related Concepts

Related concepts to MONOPOLY include oligopoly, duopoly, and competition law, which aim to regulate and prevent monopolistic practices.

See Also

• Oligopoly
• Duopoly
• Competition Law