Explain in Brief the Concept of Business Power

question 3

Essay

Explain in brief the concept of business power.

Understand characteristics and defining features of monopolies.

Identify the conditions under which monopolies can achieve economic profits.

Analyze the impact of patent expirations on market dynamics and profitability.

Grasp the effect of entry barriers on market competition and profitability.

---

Definitions:

Transfer Of Responsibilities

The process of shifting duties and obligations from one individual or group to another.

Koru

A spiral shape based on the appearance of a new unfurling silver fern frond and symbolizing new life, growth, strength, and peace.

Māori Art

entails the visual and performing arts originating from the indigenous Māori people of New Zealand, featuring unique designs, carvings, and tattoos.

Civic Development

The process by which individuals become aware of their rights, duties, and roles within a community, fostering participation and engagement.