[Type the company name]Economics Assignment 1Market Model Patterns of ChangeMiranda4/28/2012Economics is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services and so it is natural to assume that economics can be used to observe and analyze the patterns of change in different types of markets such as monopolies or oligopolies (Economics, XXXXXXXXXXA monopoly is exclusive ownership through legal privilege, command of supply, or concerted action while an oligopoly is a market situation in which each of a few producers affects but does not control the market (Oligopoly, 2012). In today’s market there are many examples of oligopolies ranging from airlines to cellphones, but one industry that stands out is information technology. It is easy to tell that information technology is changing by how often consumers are purchasing the newest laptop or the newest cellphone design and leading the information technologies market are the United States, Japan, South Korea and the United Kingdom. In the United States, IBM otherwise known as the International Business Machine is leading the industry followed by Verizon Wireless and Electronic Data Systems Corp, but they are not so far ahead that they could be considered a monopoly (Research and Markets, XXXXXXXXXXWith plenty of substitutes and competition in the mix, they remain as part of the oligopoly. The industry itself continues to grow and profit from new technologies, but any new companies looking to enter the market will find themselves faced with a challenge as these companies in the oligopoly could work together to keep new companies out.Looking at this industry in a market economy first requires an understanding of what a market economy is. A market economy is, “an economy in which most goods and services are produced and distributed through free markets or otherwise stated an economic system in which prices are...
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