Monopolies & Economic Ideologies

Flashcards summarizing key terms and concepts related to monopolies and economic ideologies, highlighting definitions and historical contexts.

monopoly

A market structure where a single company dominates an entire industry, eliminating competition and controlling prices.

Laissez-faire economics

An economic philosophy advocating minimal government intervention in business and the economy, promoting free-market capitalism.

Social Darwinism

A belief that applies the concept of 'survival of the fittest' to society and business, suggesting that stronger businesses and individuals thrive while weaker ones fail.

government regulation

Actions taken by government to control or manage monopolies to prevent unfair market practices.

19th century monopolies

Business practices that allowed major companies like Standard Oil and Carnegie Steel to maximize profits and dominate their industries.

classical economists

Economists such as Adam Smith who advocated for free markets and minimal government intervention in The Wealth of Nations.

market inefficiencies

Situations in which resources are not allocated in the most productive manner, often arising in unregulated markets.

competition

The rivalry between businesses to attract customers, which ideally helps regulate prices and innovate products.