The Caribbean Community and Common Market (CARICOM) Was Formed in 1961

question 95

True/False

The Caribbean Community and Common Market (CARICOM) was formed in 1961 as a common market between Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.

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Definitions:

Natural Monopolies

A situation in which a single firm can supply a product or service to an entire market at a lower cost than could two or more firms, leading to a market structure where only one business exists.

Service The Market

involves addressing the needs and desires of a particular market segment by offering products, services, or solutions that cater specifically to that segment's demands.

Negative Externalities

Uncompensated adverse effects that an individual or firm's activity imposes on others, not accounted for in the market price.

Public Goods

goods that are non-excludable and non-rivalrous, meaning they can be used by everyone simultaneously without diminishing their availability to others.