lacked infrastructure. The country was tribal and its main economic force consisted of trading and bartering cattle. Independence was achieved in 1966 and the following year the government partnered with the international diamond company DeBeers and created a business relationship that would leave Botswana with the fastest growing economy in the world (Kilgour, 2000). Even though the mining of diamonds is the mainstay in Botswana, tourism is an economic contributor. The Kalahari
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Ethnographic Paper I believe that the Global Alternatives Fair went very well overall. There was so much to learn from the other groups about their commodities. It’s so surprising how we don’t ourselves know of the small facts about things that we eat each day, such as, sugar, tuna, water – as to where they come from, what process they undergo to reach the consumer etc. The same is the case with other things that are so easily available in the market such as jewelry – diamonds, gold, platinum
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A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity. Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods. The verb "monopolize" refers to the process by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is business entity that has significant market power, that is, the power, to
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not arrive on time, or even worse, arrive frozen solid and are deemed unusable. A city comprised of a primarily resource based economy, has suffered due to the volatility of the commodity market. The economic downturn resulting in the closure of DeBeers Snap Lake Mine in December 2015, locally referred to as "Snap Lake", resides 220km Northeast of Yellowknife, and has left over 180 members of the community without jobs (Quenneville, 2015). Sociocultural and legal trends, such as sustainable ocean
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Nicholas Messina Econ201 What are some of the different types of barriers to entry that give rise to monopoly power? Give an example of each. Should government let monopolists exist or not? What are the benefits of monopoly market structure and what are those shortcomings related to monopoly? What is your opinion? (At least two pages and write down the answers to each question asked) In a perfectly competitive market, there are many firms, none of which is large in size. In contrast, in a monopolistic
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Anti-Globalization Movement “Anti-globalization Movement is a disputed term referring to the international social movement network that gained widespread media attention after protests against the World Trade Organization (WTO) in Seattle, WA in late November and early December 1999. Activists and scholars debate whether it constitutes a single social movement or represents a collection of allied groups, a "movement of movements." (Engler, 2007). The Anti-globalization movement opposes different
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‘wise’ for them because the cost of production was really low. They could use free resources and cheap labors from local areas. On the other hand, some valuable products were also grabbed directly for exorbitant profits. For example, a company called ‘Debeers’ was created by an English colonist Rhodes in 1880. He grabbed diamonds and gold from South Africa. It only took him 30 years to monopolized 70% of the diamonds and half of the gold worldwide. It was a huge amount of profit. The document 1 from the
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monopolist who charges only one price can earn is: A. $ 0. B. $ 60. C. $120. D. $240. [pic] 4. Refer to the graph above. The profit-maximizing monopolist would sell its output at price: A. P1. B. P2. C. P3. D. P4. 5. The DeBeers Company is a profit-maximizing monopolist that exercises monopoly power in the distribution of diamonds. If the company earns positive economic profits this year, then the price of diamonds will: A. be equal to the marginal cost of diamonds. B
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company on the item. There are a few barriers that can hinder a company from entering a market. These barriers are product availability, ownership, patents, and if the company owns the items original location. This is the case of companies such as DeBeers, and their mines (Mankiw, 2010). The last characteristic is non-price competition. This is what happens when a company does not compete with another, and tries to keep their profits. A way a business does this is by modifying the product so their
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3. In previous classes, we have considered issues related to FDI (foreign direct investment) in the contexts of Botswana (the joint venture with DeBeers to exploit diamond wealth) and India (SEZs as arrangements to attract FDI). One of the stated reasons Mexico joined NAFTA (North American Free Trade Agreement) was to increase its inflow of FDI. Using your research skills as necessary, has NAFTA resulted in increased FDI inflows into Mexico? If so, has the FDI increase yielded economic benefits to
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