US auto industry).
Monopoly it is the situation in which one company dominates a particular industry, fixes prices and keeps other companies from competing. This is contrary to the principle of competition and therefore monopolies are prohibited by federal law. In contrast, some monopolies, like utilities, are legal, but closely regulated.
Recession is a period in which the economy contracts. It is the opposite of the growth. These swing are known as the business circle and the government attempts to influence the economy through its fiscal policy and monetary policy in effort to lessen the impact of periods of economic decline.
Inflation is when the prices of goods and services rise steadily throughout the economy. A lessening of this rise id disinflation.