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Explain the Term "The Iron Law of Oligarchy" as It

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Essay

Explain the term "the iron law of oligarchy" as it relates to political parties.


Definitions:

Interest Rates

The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.

Aggregate Demand

The total amount of goods and services demanded in an economy at a given overall price level and in a given time period.

Price Level

A measure of the average prices of goods and services in an economy at a given time, indicating the cost of living or inflation rate.

Dividend Yield

An economic indicator demonstrating the ratio of a company's annual dividends to its stock price.

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