daily blog 5/19

We learned the definitions of monoply and oligopoly (besides that the first one is a game). They have to do with their being only one (mono) company in a certain field or multiple (oligo). Some examples of oligopoly are the cereal business; kellogs, general mills, post, etc. As for monopoly, Andrew Carnegie was a good example of that with his steel industry! Throughout the course of his life he improved his business by buying out other companies and incorporating materials to make a cheaper product which in the end, resulted in a monoply.