Cartel
An organization based on agreement among enterprises with conflicting interests
Real World Example
During the Industrial Age, a cartel was a group of businesses that agreed to work together to control prices and limit competition, ensuring higher profits. This was important because industries were rapidly expanding, and companies wanted to avoid destructive price wars that could hurt their profits. Cartels allowed businesses to stabilize markets and manage supply and demand more effectively. Today, cartels still matter because they can influence the prices of goods and services we use daily, like gasoline, by limiting competition among suppliers. For instance, if oil companies form a cartel, they might agree to keep oil prices high, which would directly affect how much you pay at the gas pump.
