Monopoly is a situation where there is a single seller in the market.

In conventional economic analysis, the

monopoly case is taken as the polar opposite of perfect competition. By definition, the demand curve facing the
monopolist is the industry demand curve which is downward sloping.

Competition in marketing is the rivalry between existing companies, services or products that exists within
a specific market

In a monopolistic market, there is only one firm that dictates the price and supply levels of goods and
services. A perfectly competitive market is composed of many firms, where no one firm has market
control. In the real world, no market is purely monopolistic or perfectly competitive.

Types of Economic Systems

There are many types of economies around the world. Each has its own distinguishing characteristics, although
they all share some basic features. Each economy functions based on a unique set of conditions and
assumptions. Economic systems can be categorized into four main types: traditional economies, command
economies, mixed economies, and market economies.

Mixed system

Mixed systems combine the characteristics of the market and command economic systems. For this reason,
mixed systems are also known as dual systems. Sometimes the term is used to describe a market system
under strict regulatory control.

Traditional economic system

The traditional economic system is based on goods, services, and work, all of which follow certain established
trends. It relies a lot on people, and there is very little division of labor or specialization. In essence, the
traditional economy is very basic and the most ancient of the four types.

Command economic system

In a command system, there is a dominant centralized authority – usually the government – that controls a
significant portion of the economic structure. Also known as a planned system, the command economic system
is common in communist societies since production decisions are the preserve of the government.

In economics, a recession is a business cycle contraction when there is a general decline in economic activity.
Recessions generally occur when there is a widespread drop in spending. Causes causes When demand peaks
and starts to decline, the excessive supply of goods and services that aren't consumed can lead to a
recession, with companies producing less and downsizing while people lose purchasing power and consumption
continues to fall
effects Businesses large and small face declines in sales and profits in a recession. Their efforts to cut costs
may include layoffs and cuts in capital spending, marketing and research.

Image result for what is business cycle Business cycles are a type of fluctuation found in the aggregate economic
activity of a nation -- a cycle that consists of expansions occurring at about the same time in many economic
activities, followed by similarly general contractions

The invention of currency allowed people to trade goods and services without having to barter to find an
appropriate price. Paper currency allowed for international trade thanks to its light weight and relatively small
size. Money is a medium of exchange; it allows people to obtain what they need to live

What Are Taxes?

Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local,
regional, or national. Tax revenues finance government activities, including public works and services such as
roads and schools, or programs such as Social Security and Medicare.

Why Do We Pay Taxes?

Taxes are the primary source of revenue for most governments. Among other things, this money is spent to
improve and maintain public infrastructure, including the roads we travel on, and fund public services, such as
schools, emergency services, and welfare programs. Who Needs to Pay Taxes? The taxpayer will depend on the
type of tax and associated regulation for that tax. For example, federal income tax legislation usually only
pertains to people who have earned a certain amount of income or adjusted gross income. Corporate taxes may
be limited to companies that have performed business in a specific area or are incorporated to do business within
a specific country. Each tax is handled differently, and there are often exceptions and qualifications for who the
tax pertains to. what it is In economics, inflation is a general increase in the prices of goods and services in an
economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently,
inflation corresponds to a reduction in the purchasing power of money.

WHat is vat: Value-Added Tax (VAT) is a tax, which is payable on sales of goods or services within the territory
of the Member States of the EU. The tax, in all cases, is ultimately payable by the final consumer of the good or
service. VAT is important because it's one of the biggest single forms of government revenue, representing
6% of national income. Worldwide, it accounts for 20% of tax revenue for governments. It's important for
businesses because registering for VAT often lets them reduce the amount of VAT they pay on their own
purchases

There are three main causes of inflation: demand-pull inflation, cost-push inflation, and built-in inflation.
Demand-pull inflation refers to situations where there are not enough products or services being produced to
keep up with demand, causing their prices to increase.

While high inflation can be harmful, too little inflation can also weaken the economy. When the economy is
struggling and inflation is too low, the Fed will take the opposite approach by lowering interest rates or buying
assets to increase cash circulation

supply and demand, in economics, relationship between the quantity of a commodity that producers wish to
sell at various prices and the quantity that consumers wish to buy. It is the main model of price determination
used in economic theory. The price of a commodity is determined by the interaction of supply and demand in a
market. The resulting price is referred to as the equilibrium price and represents an agreement between
producers and consumers of the good. In equilibrium the quantity of a good supplied by producers equals the
quantity demanded by consumers.

The economic cycle refers to the flow of money, securities, work, goods and
services, etc. in an economic system . The economic cycle is often described
graphically with arrows that show the flows between different economic actors.