Monopoly
When a specific person or enterprise is the only supplier of a particular commodity
Real World Example
During the Global Age from 1415 to 1795, European countries sought to control trade routes and resources by establishing monopolies in Africa and Asia. Powerful nations like Portugal and the Netherlands secured exclusive rights to trade spices, silk, and other valuable goods, limiting competition and maximizing profits. These monopolies were essential for building wealth and power, but they also led to conflicts and exploitation of colonized regions. Today, monopolies still matter because they can limit consumer choices and drive up prices for essential goods or services. For example, if a single company controls all internet services in your area, they might charge higher prices since there's no competition, affecting your internet access and budget.
