Economic dominance refers to a situation where one particular industry or sector holds significant control over an economy due to its size, profitability, or influence.
Picture economic dominance like a monopoly in the board game 'Monopoly.' One player owns all the properties and becomes the most powerful and influential player.
Monopoly: A monopoly is a situation where one entity or group has exclusive control over a particular market or industry, eliminating competition.
Economic Power: Economic power refers to the ability of an individual, company, or region to exert influence over economic activities and decisions.
Market Dominance: Market dominance occurs when a company or product holds a leading position within a specific market segment, often resulting in control over pricing and supply.
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