*Thank God for competition, i bought the RX 480 graphics card from AMD for 199 dollars 4 days ago.* Beating out other video cards of which sold for twice as much with raw power.
Hey! awesome video Patt! I have watched most of your videos! every person I know that wants to become or is thinking about becoming an entreprenuer, I recommend they watch and subscribe to you! keep doing what you do best! God bless
A monopoly can exist in our fictional free market economy due to the reality of unfair trade. It is an unethical business practice, given that a monopoly firm is motivated by money and excessive profits to gain a greater share of the market. The excessive desire for money out the unhealthy self-interest of this speculative business owner may be explained by the Narcissistic Personality Disorder. A narcissistic chief executive officer (CEO) of the monopoly firm may behave in a very ruthless and aggressive manner so as to gain full advantage of the market by dominating the market by taking on unethical and predatory business practices. We need to acquire a more critical view of capitalism, because markets are not made of rational sellers who are totally objective and unbiased. You need to gain a clear understanding of Behavioral Economics and Finance in order to better understand why the free market economy is just a myth. People in the market do not behave in a rational manner. People in our world behave in an irrational manner. I have not read this book, but it is a book of high interest to me given what I have learned about it thus far: America's Free Market Myths Debunking Market Fundamentalism -- Author: Shaanan, Joseph >> www.palgrave.com/gp/book/9783319506357
--- What is a Monopoly and How Does it Work? --- Key Takeaways: The more the regulations, the less the smaller business would be able to compete with the big companies.
I mean isn't it every business owner's dream to be the only one in his industry, not to have competitors, to be invincible, TO DOMINATE ? The 3 men you showed a picture of, I think it was Carnegie, Rockfeller and Ford, they became some of the richest men in history because they had a monopoly, they were DOMINATING. I understand it isn't good for customers and for entrepreneurs who want to get in that industry.
there needs to be a sensible balance between responsible regulations that protect consumers/the environment, and allowing businesses to grow and invest. profitability IS important, but ought to take a back seat to what's in the public interest. i would also add that even where competition exists, if one company dominates the vast majority of a market, it can have the deleterious effects of having a monopoly, even though technically alternatives exist.
Another problem I see is that with foreign investment money goes out of the country while labor and domestic oppertunity is also reduced. This is also one reason legal and illegal immigration is bad. If we could keep foreign labor out but keep domestic work in and sell to foreign markets ourselves we would all be employed and comparative richer than we are now.
Episode #75 - The number one thing that prevents a monopoly from happening is the opportunity to choose. Everybody has the pressure to improve when there are choices. It makes the competitors produce better products and innovate new things.
3 things cause a monopoly to happen: only one firm sells the product, difficult "barrier of entry", no close substitute. Choices prevent monopolies from taking place.
This is more important now in 2023 than the date it was uploaded. Neo-Destructive Capitalism is the run of the mill today & is literally breaking society apart.
Are companies that provide services allowed to monopolize? They shouldn't be. So why do we, as consumers, have no choice in who provides our utilities? Utility companies set their own rates and we have no choice but to pay whatever they charge. In most places they can cut your services in as little as 10 days after "due date" and then add extra charges, sometimes upward of 30% or more, to receive these services again. Why are they allowed to monopolize? If we struggle to pay these fees, the added charges put us in an even tougher situation. I know there must be a logical reason for this. What is it that I am unaware of? Maybe I knew the answer to this at one time. But I don't know the answer today. It's just one of those things that I've never thought about questioning out loud. I have posed this question to others and they all seem to be in the same state of confusion as I am. Who would we need ask that can give a solid and reasonable answer? Does any one else feel like this? Or am I just ignorant about this.
Wow... This reminds me of my Microeconomics class I took last year. I Know all of this! We want competition!!! If businesses are a monopoly, we don't have opportunities as small business startups.
Great explanation! I understood your version better. By the way the chart that you displayed on screen from free market to monopoly. Could you also make another video explaining the types of the monopoly with different examples? Thank you!
+rasul407 I'll be working on a series of video regarding different economically systems. Stay tuned. Feel free to send a message to marketing@patrickbetdavid.com with other requests you have for videos. thanks again.
@@VALUETAINMENT I am doing the same, started from the very first. My barrier to break and make a habit out of it, is to watch at least 2 videos from you a day.
A monopoly is pain in the neck. There's one where I live. A company bottles coca cola. However no other beverage franchise is allowed to settle in the country due to regulations. Every now and then an entrepreneur tries to import different beverages for sale, but the regulations are so bad that they can't offer the same low price for their product. For example a Coke is like $2 here, but a Pepsi is $2.25 due to the import tax. At the end of the day the consumer always gets the short end of the stick.
Hey @valuetainment I know this is an older video, not sure if your going to see it, but I was wondering if you can make a video on the importance of Small Businesses in our communities, specifically local independent businesses. How do Local independent businesses compete with large companies like Walmart or Amazon. Thank you, keep up the fantastic work.
I came here to fully understand what a monopoly means, and you helped me. My reason why is because how a reservation runs the tribe. The tribe I live in has successfully made their own monopoly that only affects each tribal members that lives in the reservation. They own a lot of companies and controll a lot what goes around.
Great and simple explanation of a monopoly. So if there is a conclusion, should we say that competition is driving innovation for the creators and monopoly is good only for those that are there. So the coin has 2 sides. But if I want to start a business, should I choose a blue ocean strategy where there is little to none competition or go to a competitive marketplace? Thanks, man!
Competition is very good as long as your government doesn't make it change the barrier to enter any industry. That happens when government officials are being bought.
In the last section you say very briefly how govt just stops monopoly from occurring but then you go on to repeat “more regulation, more monopoly, more regulation more monopoly,” and so on. But proper govt regulation can be used to stop or slow monopoly and make it easier for small businesses to compete. If we tell a company “hey you need paper to make your product, but you’re not allowed to internally supply that paper or be the exclusive buyer of paper” then competition can still exist. But is that regulation didn’t exist, say a company like Ford, they could create their own steel, paper, coal, etc to make their cars. Other companies with less money can’t do that so what happens? Ford takes over and corners the market, and they can force suppliers to only give to them. Good Regulation stops this.
Share your thoughts with Patrick Bet-David by texting 310.340.1132 or click here my.community.com/patrickbetdavid
This is real business school....forget Harvard
I'm making my children watch the videos and explain what they learned
Using your video on My presentation on Monopoly in Sociology in my School. Great Presentation.
That actually was an italian accent that you did at the end. lol
I was about to say lol
Thank you for making this video. I loved the simple and complete explanation.
I liked this video. The title caught my attention. I, also liked the out takes at the end. Thank you for the information.
Thanks a lot Pat....
Would have loved if u hadtold about how to achieve monoply rather than explaining the meaning in a broader way. Thanks for the vid anyways.
Hmm, very valuable lesson. Had no idea this video is almost three years old.
Wow.... never knew how a monopoly worked before. Thanks
*Thank God for competition, i bought the RX 480 graphics card from AMD for 199 dollars 4 days ago.*
Beating out other video cards of which sold for twice as much with raw power.
Well Explained...! thanks :)
Is there an example of a monopoly today? LOL Jamaicans always says " Man Oh Polly".
Hey! awesome video Patt! I have watched most of your videos! every person I know that wants to become or is thinking about becoming an entreprenuer, I recommend they watch and subscribe to you! keep doing what you do best! God bless
Monopoly
●●●
1only 1 firm sell
◇2barrier of entry
(Hard to join business because of regulations)
3no subsitutes
●●●
Choice ruins competition
and because of u i already know my report haha your handsome to . THANKYOU GODBLESSS!
If that is the criteria then why isn't the NFL considered a monopoly?
Ahhh wow never thought about that
If that were true then we’ll everybody would be watching nfl but no it’s still not an monopoly purse
The more regulations, the less small businesses can compete with big businesses
The more firms in an industry the better
I think he was talking about Obamacare.
I might be wrong.
Your not wrong, it’s good a black president existed and that he isn’t racist but that wasn’t a good desicion
@@teshiku1249 thank you for confirming that.
I still had that in mind
A monopoly can exist in our fictional free market economy due to the reality of unfair trade. It is an unethical business practice, given that a monopoly firm is motivated by money and excessive profits to gain a greater share of the market. The excessive desire for money out the unhealthy self-interest of this speculative business owner may be explained by the Narcissistic Personality Disorder. A narcissistic chief executive officer (CEO) of the monopoly firm may behave in a very ruthless and aggressive manner so as to gain full advantage of the market by dominating the market by taking on unethical and predatory business practices. We need to acquire a more critical view of capitalism, because markets are not made of rational sellers who are totally objective and unbiased. You need to gain a clear understanding of Behavioral Economics and Finance in order to better understand why the free market economy is just a myth. People in the market do not behave in a rational manner. People in our world behave in an irrational manner. I have not read this book, but it is a book of high interest to me given what I have learned about it thus far: America's Free Market Myths Debunking Market Fundamentalism -- Author: Shaanan, Joseph >> www.palgrave.com/gp/book/9783319506357
--- What is a Monopoly and How Does it Work? ---
Key Takeaways:
The more the regulations, the less the smaller business would be able to compete with the big companies.
I mean isn't it every business owner's dream to be the only one in his industry, not to have competitors, to be invincible, TO DOMINATE ? The 3 men you showed a picture of, I think it was Carnegie, Rockfeller and Ford, they became some of the richest men in history because they had a monopoly, they were DOMINATING.
I understand it isn't good for customers and for entrepreneurs who want to get in that industry.
Save our freedom
Monopolies, I studied this in high school for a project. Very interesting topic. Btw, the ending was great. ;)
This is why capitalism works! Competition induces innovation.
People deserve equity
there needs to be a sensible balance between responsible regulations that protect consumers/the environment, and allowing businesses to grow and invest. profitability IS important, but ought to take a back seat to what's in the public interest.
i would also add that even where competition exists, if one company dominates the vast majority of a market, it can have the deleterious effects of having a monopoly, even though technically alternatives exist.
Another problem I see is that with foreign investment money goes out of the country while labor and domestic oppertunity is also reduced. This is also one reason legal and illegal immigration is bad. If we could keep foreign labor out but keep domestic work in and sell to foreign markets ourselves we would all be employed and comparative richer than we are now.
Episode #75 - The number one thing that prevents a monopoly from happening is the opportunity to choose. Everybody has the pressure to improve when there are choices. It makes the competitors produce better products and innovate new things.
I think you were refering obamacare as a monopoly.
Or maybe its just me
3 things cause a monopoly to happen: only one firm sells the product, difficult "barrier of entry", no close substitute. Choices prevent monopolies from taking place.
You're about to get a lot more views on this video from Australia, save our souls
This is more important now in 2023 than the date it was uploaded. Neo-Destructive Capitalism is the run of the mill today & is literally breaking society apart.
would Psychology be considered a monopoly if I have a Vestibular Disorder? Because there are only 42 Otoneurologists in the country.
Are companies that provide services allowed to monopolize? They shouldn't be. So why do we, as consumers, have no choice in who provides our utilities? Utility companies set their own rates and we have no choice but to pay whatever they charge. In most places they can cut your services in as little as 10 days after "due date" and then add extra charges, sometimes upward of 30% or more, to receive these services again. Why are they allowed to monopolize? If we struggle to pay these fees, the added charges put us in an even tougher situation. I know there must be a logical reason for this. What is it that I am unaware of? Maybe I knew the answer to this at one time. But I don't know the answer today. It's just one of those things that I've never thought about questioning out loud. I have posed this question to others and they all seem to be in the same state of confusion as I am. Who would we need ask that can give a solid and reasonable answer? Does any one else feel like this? Or am I just ignorant about this.
Is the Real Estate market turning into a monopoly soon? With black rock buying all the single family homes?
Where Do you Get these thoughts From, Superb!
Why you stopped making videos like these!!!
Wow... This reminds me of my Microeconomics class I took last year. I Know all of this! We want competition!!! If businesses are a monopoly, we don't have opportunities as small business startups.
How to figure out the cash flow of one if you have not launched your business yet?
Great explanation! I understood your version better. By the way the chart that you displayed on screen from free market to monopoly. Could you also make another video explaining the types of the monopoly with different examples? Thank you!
+rasul407 I'll be working on a series of video regarding different economically systems. Stay tuned. Feel free to send a message to marketing@patrickbetdavid.com with other requests you have for videos.
thanks again.
Google...
how are motorcycles and cars substitute. ??
#watchingeveryvideo
Let me know once you watch every single one of them.
@@VALUETAINMENT I am doing the same, started from the very first. My barrier to break and make a habit out of it, is to watch at least 2 videos from you a day.
Sounds like the US Dollar 🤣🤣
I was looking up a video for monopolys and find young Pat. This is awesome 😂🎉
Bro looks older here I can see why he likes the clean shave look
How can a poet become a monopoly?
Adding value with every episode Pat! Loved this episode
Ok now I know how it works
Thank you!
Omg! I’m so happy I came on your channel! I’m not sure who you are , but I love you you explain the material 🙌🏻 I just subscribed
A monopoly is pain in the neck. There's one where I live. A company bottles coca cola. However no other beverage franchise is allowed to settle in the country due to regulations. Every now and then an entrepreneur tries to import different beverages for sale, but the regulations are so bad that they can't offer the same low price for their product. For example a Coke is like $2 here, but a Pepsi is $2.25 due to the import tax. At the end of the day the consumer always gets the short end of the stick.
Hey @valuetainment I know this is an older video, not sure if your going to see it, but I was wondering if you can make a video on the importance of Small Businesses in our communities, specifically local independent businesses. How do Local independent businesses compete with large companies like Walmart or Amazon. Thank you, keep up the fantastic work.
I came here to fully understand what a monopoly means, and you helped me.
My reason why is because how a reservation runs the tribe. The tribe I live in has successfully made their own monopoly that only affects each tribal members that lives in the reservation. They own a lot of companies and controll a lot what goes around.
Great and simple explanation of a monopoly. So if there is a conclusion, should we say that competition is driving innovation for the creators and monopoly is good only for those that are there. So the coin has 2 sides. But if I want to start a business, should I choose a blue ocean strategy where there is little to none competition or go to a competitive marketplace?
Thanks, man!
Competition is very good as long as your government doesn't make it change the barrier to enter any industry. That happens when government officials are being bought.
VALUETAINMENT thanks I appreciate! :)
what about cultural monopoly?
since watching i have a better understanding capitalism . thx
Competition allows companies to improve their products which gives consumers greater choice
the funny thing is netflix is using amazon's web services XD
sir i made different gmail account to watch your videos they are so informative.
I have to do a report about monopoly in my economics subject.
This was helpful.
wow.That was really helpful for my assignment
Thank you I now understand what a monopoly is hahaha. Awesome job!
Wow. This is so detailed. Great video!
+Ryan Beckford Thanks.
When there's choice there are less monopolies
Thank you for your video. My question is, do monopolies take place when there is government intervention thru regulations? Thanks.
The government probably take a bribe for money and some more other stuff.
your a very smart dude ... well done !!
Explained it well thanks
Very informative!!!
I like the bloopers made me laugh so hard.
very good points!
Beautifully explained.
this was so educating
Thanks a lot for this
just started watching your videos really impressed by your style of explaining things
👊🏼
Thank you!!
Thanks good explanation
+carlos ortiz 👍🏼👍🏼👍🏼
Is like I am in business school!
+Nektarios Tsilivigos you soon will be with what I'll be launching in August.
In the last section you say very briefly how govt just stops monopoly from occurring but then you go on to repeat “more regulation, more monopoly, more regulation more monopoly,” and so on.
But proper govt regulation can be used to stop or slow monopoly and make it easier for small businesses to compete. If we tell a company “hey you need paper to make your product, but you’re not allowed to internally supply that paper or be the exclusive buyer of paper” then competition can still exist. But is that regulation didn’t exist, say a company like Ford, they could create their own steel, paper, coal, etc to make their cars. Other companies with less money can’t do that so what happens? Ford takes over and corners the market, and they can force suppliers to only give to them.
Good Regulation stops this.