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UNCERTAINTY: The possibility that any number of things could happen in the future. In other words, the future is not known. This should be compared with risk, which is assigning probabilities to alternative possibilities.

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OLIGOPOLY, REALISM

Real world markets are heavily populated by oligopoly. About half of all output produced in the U.S. economy each year is done so by oligopoly firms. Other industrialized nations can make a similar claim. Oligopoly markets arise in a wide assortment different industries, ranging from manufacturing to retail trade to resource extraction to financial services.

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WHITE GULLIBON
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Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for pencil sharpeners with an attitude.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"Nothing will ever be attempted if all possible objections must first be overcome. "

-- Samuel Johnson, essayist, critic, lexicographer

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