Monopoly
When a specific person or enterprise is the only supplier of a particular commodity
Real World Example
In Ancient India and China, monopolies were often controlled by the state or powerful merchants who managed the supply of essential goods like salt, iron, or silk. These monopolies were crucial because they allowed governments to collect taxes efficiently and fund public projects or military campaigns. They also addressed issues of scarcity, ensuring that vital resources were distributed according to government policies. Today, monopolies still matter because they can influence prices and limit choices for consumers. For example, if one company controls all internet services in an area, it can charge high prices since people have no alternatives, affecting how much you pay to stay connected online.
