Economic Power

Running Head : ECONOMIC POWER

Economic Power Comment

The article personally made me realize that the term `market control ' or `market power ' have been so wrongly interpreted by me . It actually is the market in power and the market in control of the organizations without customers these organizations are nowhere . Those who wish to keep a `control ' over the customers have to lose out in other ways because a trade off is always involved . Wal-Mart is good for America in my opinion

Summary

Wal-Mart is one of the biggest retailers

in the United States of America with the highest market share at the moment . It is one of the chains and brands that keep growing with currently 2000 stores and 1000 more under implementation . Wal-Mart has the highest market share because of one of the choices it made to keep prices low . In a market full of retailers the target is the customers for retailers , customers are their scarce resources . Bringing in the economics concept here , scarcity necessitates choice that is , resources have to be allocated amongst competing needs or alternative uses . This choice is usually made by economic agents such as individuals , firms and governments and in this case , it is between individuals who are the customers who either make or break the retailer Each choice involves a trade off that is , as you go to choose more of one thing , you have to choose the less of another . Economists use the term opportunity cost to refer to cost expressed...