Economic Dominance

Economic dominance occurs when a company, industry, or country has a significant control over a market, allowing it to influence prices, supply, or standards effectively. This position often leads to competitive advantages, such as higher market share or stronger bargaining power. While it can promote efficiency and innovation, it may also reduce competition, potentially leading to higher prices or less choice for consumers. Essentially, economic dominance is a state where one entity holds substantial sway over economic activities within a particular sector or region.