Free «Economics and Summary» Essay Sample


It is a market form in which a market or an industry is clearly dominated by a few sellers who is known as oligopolist. As the number of sellers is less in the market, every one is aware of each others decisions and that is why the strategic planning done by the oligopolists generally accounts the different likely responses of all the other market participants.

Herbert Simon

Herbert Simon believed that in an oligopoly, every one has connections with one another, and that is why it is important for each seller to satisfy the others only to stay in the market. In that way, every one will always try to take decisions that will not hurt the interests of the other traders. Here the sellers do possess limited cognitive ability in them and that allows them to exercise the bounded rationality while taking decision in complex and uncertain situations.

Behavioral Theory

Richard Cyert and James G. March are the initiators of the theory, and it emphasizes on explaining how different decisions are taken in the firm. This concept is out of all the neo-classical economics. All the organizational mechanisms exist only to maintain the conflicts at different levels which can not be accepted as detrimental. Here goals are important than the maximizing of profits or increasing market shares.



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Opportunity Cost

It is the cost of an activity that is measured with the value of the next best alternative. In simple words it is the second best alternative choice that is available to some one or a group among a number of available choices. It does not limit itself to financial costs, but other different aspects can also play a part in that.

Scarce Resources

It is the fundamental economical problem. The resources of the world are limited than the need of the mankind. As per the scarce resources, all the goals of a person can not be pursued at the same time.

Black Market

A black market is a form of underground economy, where the market and the goods operate outside the formal limits of economics or control of the state power. The black market generally co-exists with the general state economy and it is an alternative source of employment for many.

Minimum Wage

It is the lowest remuneration, be it daily, monthly or yearly, that is being paid by the employers to the employees. It is the lowest money in which the workers sell their work to their employers. In most of the laws, there is a separate minimum wage law, still in many places there are different opinions about the different benefits and drawbacks of minimum wage.


The pharmaceutical industry is the organizations that produce and distribute medicines under the law. It has got its importance in the society and all the modern countries are aiming to develop the industry. Historically speaking, we will see that the attempt of selling medicines commercially and also researching about medicines were started from a long time. Now the conceptions about the industry have changed, and in USA different pharmaceutical products are used for testing the safety and efficiency of food and medicines also. In 2006, the total pharmaceutical market was estimated at $ 640 billion, and 50% of that belonged to the USA. It is also one of the most profitable markets, the sales margin is around 17%.

The biggest pharmaceutical companies are Novartis, Pfizer, Bayer, GlaxoSmithKline and Merck & Co. often the industry have been in centre of criticism for numerous reasons. Some say that they put pressure on the doctors and other medical institutions with their sales machinery and other different sales provisions like ‘gifts’ only to increase the sales.  But still they do develop medical technology and manufacture products that help to prevent different diseases. And for doing this they spend years in research, market survey and other things. And all the different diseases which still have not been stopped using medicines may find its cure with the help of the industry which will surely save a number of lives all over the world.


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