Economic Concepts -- Monopolies and Essay

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The composite raw materials of dry cell batteries and the ingredients in vitamins are equally available to any entity wishing to enter those markets. Moreover, there is little to distinguish the products of different manufacturers in those areas besides packaging and branding because the products themselves are essentially identical.

Many consumer services such as hair dressing and auto repairs also represent perfect competition scenarios because the barriers to entering the market are not very high and once in business, the prices commanded by individual proprietors are substantially dictated by prevailing market prices and the traditional dynamic of supply and demand.

Applying Saint Leo University Core Values to Economic Markets

In principle, the core values of Saint Leo University (and of Christianity, more generally) require us to be morally and socially responsible members of the human community.

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Furthermore, those core values also require us to serve our communities, to contribute to their strength, to be honest and virtuous in our thoughts and deeds, and to appreciate the abundance of resources provided to all of us by our Creator. Therefore, most monopolistic markets are fundamentally incompatible with those ideals, except perhaps where they are genuinely earned by very hard work (such as in the case of patents generated by long arduous processes and significant financial investment). Generally, our values are more consistent with competing fairly with others and they are inconsistent with exploiting the luck of circumstantial access to scarce resources or good fortune. Our values require us to focus on service and on giving back to our communities rather than to personal profit from ruthless or exclusionary opportunities......

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