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Explain oligopolies using the economic model?
Financial Intermediaries
Institutions that act as middlemen between savers and borrowers, including banks, credit unions, and insurance companies.
Savers
Individuals or organizations that set aside a portion of their income for future use, often by depositing it into financial accounts that earn interest.
Borrowers
Individuals or entities that receive funds from a lender under the condition of returning it typically with interest.
Legal Tender
The officially recognized form of money that must be accepted if offered in payment of a debt.
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