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Business systems, References - Alex,
https://en.wikipedia…
Business systems
Oligopoly
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It constitutes a small number of firm varies but the common indicator of concentration in an industry is expressed in the form of Concentration ratio x, where x represents the number of larger firms
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Communism
Definition: An economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production.
The existing communist states in the world are in China, Cuba, Laos and Vietnam
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Socialism
Definition: an economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be more evenly distributed among the people
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Monopoly
Problems with monopoly – controlling the whole market, hurting the consumers
Natural monopoly: A type of monopoly that exists typically due to the high start-up costs or powerful economies of scale of conducting a business in a specific industry which can result in significant barriers to entry for potential competitors.
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Examples: Microsoft, Google, FaceBook
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