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Modern societies differ from traditional societies by having more productive specialization-that is, a more complex division of labour.
Oligopolistic Market
A market structure characterized by a few firms dominating the market, where each firm is aware of the other's actions, often leading to competitive strategies.
Standardized
refers to making something conform to a standard, ensuring consistency and uniformity across different situations or applications.
Differentiated
In a market, it refers to products that are distinguished from each other through variations in quality, features, branding, or customer service.
Oligopoly
A market structure in which a few firms sell either a standardized or differentiated product, into which entry is difficult, in which the firm has limited control over product price because of mutual interdependence (except when there is collusion among firms), and in which there is typically nonprice competition.
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