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Monopoly

Transcript: Hessa Azza Asma Khulood contents The definition of monopoly. Sources of monopoly entry barriers. Natural monopoly. Natural monopoly and the firm single source suppliers. The local monopoly( DEWA). Issues in monopoly Is monopoly good or bad ? References. Definition of monopoly: A market in which there are many buyers but only one seller. When you have a monopoly you can ask any price you like. Perfect competition , monopolistic competition , oligopolistic , monopoly ( numbers of firms , price ) Sources of monopoly entry barriers: Natural monopoly: the most efficient scale of production is so large, relative to market demand, a single firm dominates the market. Patents, copyrights, licenses, franchises: government protection of a firm’s to produce a unique product. Economic and/or legal restrictions, strategies or situation that make entry more difficult for new competitors than for the existing monopoly firm. Natural monopolies: Goods and services whose delivery requires the construction of a physical network (wires, pipes, etc..) In such industrial (local phone service, water sewage removal, electricity, gas) the physical networks display decreasing marginal cost over essentially all quantities. Thus, average total cost is always declining and the minimum efficient scale is much larger than the size of the market. Natural monopolies are often regulated: they cannot charge a higher price without government approval. Natural Monopoly and the Firm Single Source Suppliers: Benefits of SSS: Lower transactions costs Pecuniary economies (volume discounts) much more likely when the supplier experiences real economies. Costs of SSS: Lack of competition. after the contract is formed. DEWA is the state-owned vertically integrated utility of the Emirate of Dubai: Is the state-owned monopoly provider of electricity and water in Dubai. It serves more than 480,000 customers. DEWA is one of the more commercially minded power utilities in the region, given its history of good operational and financial performance. DEWA was recognized as one of Dubai's best government departments ("Government of Dubai Excellence Gold Award" ) In 1992, the government appointed DEWA as the sole producer and supplier of electricity and water within the Emirate of Dubai. DEWA does not face competition from any entity in its domestic market and this excludes the possibility of the Authority being exposed to any competitive pressure. No expectations to change to DEWA’s monopoly status Issues in monopoly Only one firm sells the product No ( close ) substitutes Is Monopoly Good or Bad? It is good because : Is that they may be able to raise their price as they want to and no one can say anything. They can be the only people that give that product since if a competitor decides to join then the monopoly can lower its prices causing the competitor to have to break down and cant function at such a low cost. Some services if their is more than one company that would be ridiculous because this means that they would both increase the price and people will not benefit from this. It is bad because: Monopolies are usually bad for an economy because they restrict free trade, which allows the market itself to set prices. Because the manufacturer has no incentive to innovate, and provide "new and improved" products. Monopoly is nearly always seen as something undesirable. Courts have wrestled with monopoly for ages, sometimes defining it as: "the power to control prices and exclude competition", "restraining trade", or "unfair and anti-competitive behavior." Amadeo,K.. Mpnopoly. useconomy.about..com. Retrieved May 25,2011 from http://useconomy.about.com/od/glossary/g/monopoly.htm Al Gergawi, M. (2009, August 29). How du made etisalat great. Gulfnews.com. Retrieved May 25, 2011 from http://gulfnews.com/opinions/columnists/how-du-made-etisalat-great-1.537347 Barriers To Entry In Monopoly. (2009). Retrieved May 19, 2011, from Assignment Help: http://www.assignmenthelp.net/assignment_help/barriers-to-entry-in-monopoly.php Etisalat monopoly ends, business begins. Ameinfo.com. Retrieved May 25,2011 from http://www.ameinfo.com/37629.html Fischer, C. C. (n.d.). What Can Economics Learn From Marketing's Market Structure Analysis? Retrieved May 19, 2011, from Westga: http://www.westga.edu/~bquest/1997/ecnmkt.html Monopoly . (2011). Retrieved May 15, 2011, from Wise geek: http://www.wisegeek.com/topics/monopoly.htm Mankiw, N. G. (2009). Principles of economics . Cengage Learning EMEA: Pat Bond . Williams. (2002, April). Is Monopoly Good or Bad? Retrieved May 20, 2011, from Econ faculty: http://econfaculty.gmu.edu/wew/articles/fee/monopoly.html THANK YOU FOR YOUR LISTENING ANY QUESTION !!! Monopoly

Monopoly

Transcript: Monopoly A situation in which a single company owns all or nearly all of the market for a given type of product or service. This would happen in the case that there is a barrier to entry into the industry that allows the single company to operate without competition (for example, vast economies of scale, barriers to entry, or governmental regulation) Monopoly symbolizes domination over a product to the extent that the enterprise or individual dictates the terms of access and the markets for availability. The term is specific to a seller's market. A similar situation in the buyer's market is referred to as monopsony. It first appeared as an economics-related term in 'Politics' by Aristotle. A natural monopoly is defined in economics as an industry where the fixed cost of the capital goods is so high that it is not profitable for a second firm to enter and compete. There is a "natural" reason for this industry being a monopoly. It is an extreme imperfect form of market. In ancient times, common salt was responsible for natural monopolies, till the time people learned about winning sea-salt. Regions facing scarcity of transport facilities and storage were most prone to notorious acceleration of commodity prices and uneven distribution of daily-use products and services. The characteristics of monopoly are solitary to the condition generated by intent. Characteristics

Monopoly

Transcript: The Landlord's Game Elizabeth Magie Originally patented in 1904 Designed as a teaching aid for Single-Tax Theory Changed often Patented again in 1924 Bought by the Parker Brothers in 1932 Charles Darrow unemployed Germantown, Pennsylvania Learned the Landlord's Game from Charles Todd Darrow's Monopoly v. Magie's Landlord's Game Monopoly allowed the player to "buy" instead of "rent" property. Monopoly properties were named after streets in Atlantic City In 1934 Darrow published Monopoly Darrow sold it for $4 a game The game quickly became popular Darrow tried to sell his game to Parker Brothers and Milton Bradley Both refused Parker Brothers complained that the game was too complicated and took too long to play (52 fundamental errors) Darrow met demands instead by hiring a local printing company to help him After seeing the success of Monopoly, the Parker Brothers bought the patent from Darrow and began producing their own version (with some rule changes) and agreed to pay royalties to Darrow Darrow soon retired as a millionaire Monopoly greatly promoted the Parker Brothers and helped save them from financial ruin during the Great Depression After Monopoly the Parker Brothers continued publishing board games Works Cited www.henrygeorge.org/dodson_on_monopoly.htm monopoly.wikia.com/wiki/Parker_Brothers www.worldofmonopoly.com/history Monopoly By Patrick Dishop

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Monopoly

Transcript: MONOPOLY A situation in which a single market or group owns all or nearly all of the market for a specific good or service. There is no competition. Types Of Occurs when a company has a legal protection (patent or copyright) of the product Ex: If a company develops a drug that cures all cancer, they would get a legal patent THE END Ex: government may control running water Technological Monopolies When a government passes a law reserving a specific trade, product, or service for government agencies Geographic Monopolies Ex: It is impractical to have multiple sewage lines running to houses Government Monopolies Natural Monopoly Ex: Small town general store may have a monopoly over many goods it sells in that area Definition- Occurs when a company owns all of a specific good or service in one specific area A type of monopoly that exists as a result of the high fixed or start-up costs of operating a business in a particular industry. It happens when that specific industry makes it completely impractical for multiple companies to be in the same business

Monopoly

Transcript: Monopoly was invented in 1933-1935... The person that invented monopoly Rules Income tax- if the person passes go and lands on income tax in a single turn then his $200 GO money is his total worth. The player has to roll doubles on another turn to get out of jail Buildings and Hotels- You physically have 4 house on each property in a colour group then he/she can buy a hotel if there arent enough houses then hotels cant be bought Utilities- you dont roll again when you land on a utility to determine the fine. The amount is based on "amont shown on the dice." Monopoly was invented cause the people in Depression who were in danger of being broke can get some fansty relief for an evening by pretending to be rich. Monopoly has around for 75 years!!!! ;) Monopoly was made in America!!!!!!! :0 The board game 'Monopoly' is named after the economic concept of monopoly, the domination of a market by a single seller.:D In Monopoly you can have up to 6 players at a time. Monopoly teaches you teamwork, how to use money wisley, be patent....................:P For Monopoly you need the game board, people,the fake money, cards, houses, the little people..............!!!!!!!!!!!!!!!!!!!!.................. http://wiki.answers.com/Q/How_did_monopoly_get_its_name#ixzz1nFozyCU6 Monopoly By: Macy Ragans (: Charles B. Darrow if you pay the 50 dollar fine you dont have to roll doubles. Have to pay a 50 dollar fine Jails and doubes-goes 2 jail http://www.ideafinder.com/history/inventions/monopoly.htm http://inventors.about.com/library/weekly/aa121997.htm WHO MADE MONOPOLY if this happens there turn is over even if doubles are rolled. Charles B. Darrow

Monopoly

Transcript: Who Made it and What date In 1904 Elizabeth "Lizzie" J. Magie from Arden, Delaware, was granted a U.S. Patent for a game called The Landlord's Game The Monopoly game is supposedly based on The Landlord Game. A man named Charles Darrow was also rumored to have contributed to its creation, but the exact inventor were the Parker Brothers in 1934 in Virginia. The game has evolved in many different ways monopoly star wars gay monopoly there are more than 540 more different types of monopoly Monopoly has brought millions of families together The game of MONOPOLY is so much a part of today's popular culture that their lawyers have trademarked many of the game's graphic elements. The MONOPOLY tokens, Railroad, COMMUNITY CHEST, CHANCE, and Title Deed designs, as well as BOARDWALK and all four game board corners are legally protected. Monopoly was invented during the depression so people who were in danger of going broke in real life could get some fantasy relief for an evening by pretending to be rich. The three most-landed-on properties are Illinois Avenue. "GO" and the B&O Railroad. Today, MONOPOLY is the best-selling board game in the world Monopoly has been part of our lives and our culture for about 70 years An estimated 500 million people have played the game over the years The longest monopoly game ever played was 1,680 hours long. That is 70 straight days! Over 5,120,000,000 little green houses have been “constructed” since the monopoly game was introduced. Thank You Here are some facts about the game monopoly

Monopoly

Transcript: Other Important pieces Railroads - One on each street Utilities - two located by pinks and yellows Community Chest and Chance Luxury and Income Tax Houses and Hotels Play to WIN!

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