Arjuna is a central character of the ancient Indian epic Mahabharata, who plays a key role in the Bhagavad Gita alongside Krishna. It is believed. Arjuna was the son of Pandu in the Kuru Kingdom. In a previous birth he was a saint named Nara, the lifelong companion of another saint, Narayana, an incarnation of Lord Vishnu who took rebirth as Lord Krishna, he was the third of the Pandava brothers and was married to Draupadi, Chitrāngadā and Subhadra at different times. His children included Srutakarma, Iravan and Abhimanyu. Arjuna was equal to 12 maharatha class warriors; the name Arjuna means "white", "clear" or "silver" in Sanskrit and is cognate to Latin argentum, meaning "silver." Epithets for Arjuna include: Vijaya: always invincible or undefeated. Dhanañjaya: one who brings prosperity and wealth in the region wherever he goes to. Savyasāchin: ambidextrous, only Arjuna is expert in using both hands in archery. Shvethavāhana: one with milky white horses mounted to his pure white chariot. Only Arjuna had this.
Parantapa: one who concentrates the most. Gāndīvadhanvan: one who possessed the mighty bow named Gandiva, created by Lord Brahma. Gudākesha: one who had control oversleeps. Bībhatsu: one who always fights wars in a fair manner. Kapidhvaja: having the flag of Kapi in his chariot. Lord Hanuman stayed on Arjuna's flag during Kurukshetra war. Kirītin: one who wears the celestial diadem, presented by Lord Indra. Gāndīvadhara: Gandiva-holder. Jishnu: triumphant. Pārtha: son of Pritha known as Kunti. Kaunteya: son of Kunti. Phalguna: born under the star Uttara Phalguni. Madhyapāndava: the middle of the Pandavas, younger than Yudhisthira and Bhima and elder of Nakula and Sahadeva. Arjuna's birth is a most celebrated one and he was born seven months after the birth of Krishna. After the death of Pandu, the Pandavas and their mother lived in Hastinapura, where they were brought up together with their cousins, the Kaurava brothers. Along with his brothers, Arjuna was trained in religion, science and military arts by Bhishma, their granduncle.
One day, when the princes were playing a game, they lost their ball in a well. When the rest of the children gave up the ball as being lost, Arjuna stayed behind trying to get it. A stranger came by and extracted the ball for him by making a chain of "sarkanda"; when an astonished Arjuna related the story to Bhishma, Bhishma realised that the stranger was none other than Drona. Bhishma asked Drona to become the Kuru princes' teacher. Seeking refuge from Panchala, Drona agreed. Many asuras were killed by him. Under Drona's tutelage, the Kauravas and the Pandavas, along with the princes of Hastinapura's allies and vassals, learned weaponry. Arjuna became Drona's most accomplished pupil. In a famous incident, Drona deemed that out of all his students his own son Ashwatthama, none but Arjuna had the steadfast focus to shoot the eye of a bird on a tree. One day, on being questioned by Ashwatthama, his intention was clear that he loved Arjuna but didn't ill-treat anyone. He ordered Ashwatthama to gather all of his students including Ashwatthama to assemble at near by lake that evening.
They did. Drona was taking bath. Nobody except Arjuna were dare to enter into lake. Arjuna jumped into lake & began attacking the mighty crocodile with bare hands. Crocodile disappeared. Drona told everyone that the crocodile was just illusion and created by himself to test all the princes & Ashwatthama. Drona scolded the rest that they were not ready to save their teacher except Arjuna, thus Drona proudly declared that Arjuna was his pet student. Pandavas secretly went from Varnavrat after saving themselves from evil plan of Shakuni. Still in hiding, the Pandavas disguise themselves as brahmins and attend the Swayamvara of Panchala princess Draupadi. Out of all of the great kings and other Kaurava princes, only Arjuna is able to do the established challenge; the test is to lift and fire Pinakin to pierce the eye of a golden fish whilst only looking at its reflection. All kings including Karna and Shalya were defeated in the task. At last Arjuna came forward and lifted bow with just one hand and hit the target hence he won Draupadi.
Karna attacked Arjuna out of jealousy but Arjuna defeated him Karna asked about his real identity, Arjuna smiled and said that he is Brahmin Karna praised him by comparing him with Lord Vishnu. Arjuna threatened to kill Karna; when the brothers returned with Draupadi, Pandavas joked to his mother. Dismissively, without looking because she was preoccupied, Kunti asks him to share it with his brothers. Holding his mother's orders as a divine command, he requested his elder brother to accept Draupadi. Draupadi had to marry all five of the Pandavas, her five sons, one from each of the Pandava brothers, are known as the Upapandavas. Srutakarma is the son of Arjuna. At this point in the Mahabharata, the Pandavas revealed. With both Duryodhan
Indian Rebellion of 1857
The Indian Rebellion of 1857 was a major, but unsuccessful, uprising in India in 1857–58 against the rule of the British East India Company, which functioned as a sovereign power on behalf of the British Crown. The rebellion began on 10 May 1857 in the form of a mutiny of sepoys of the Company's army in the garrison town of Meerut, 40 miles northeast of Delhi, it erupted into other mutinies and civilian rebellions chiefly in the upper Gangetic plain and central India, though incidents of revolt occurred farther north and east. The rebellion posed a considerable threat to British power in that region, was contained only with the rebels' defeat in Gwalior on 20 June 1858. On 1 November 1858, the British granted amnesty to all rebels not involved in murder, though they did not declare the hostilities formally to have ended until 8 July 1859; the rebellion is known by many names, including the Sepoy Mutiny, the Indian Mutiny, the Great Rebellion, the Revolt of 1857, the Indian Insurrection, the First War of Independence.
The Indian rebellion was fed by resentments born of diverse perceptions, including invasive British-style social reforms, harsh land taxes, summary treatment of some rich landowners and princes, as well as skepticism about the improvements brought about by British rule. Many Indians rose against the British. Violence, which sometimes betrayed exceptional cruelty, was inflicted on both sides, on British officers, civilians, including women and children, by the rebels, on the rebels, their supporters, including sometimes entire villages, by British reprisals. After the outbreak of the mutiny in Meerut, the rebels quickly reached Delhi, whose 81-year-old Mughal ruler, Bahadur Shah Zafar, they declared the Emperor of Hindustan. Soon, the rebels had captured large tracts of the North-Western Provinces and Awadh; the East India Company's response came as well. With help from reinforcements, Kanpur was retaken by mid-July 1857, Delhi by the end of September. However, it took the remainder of 1857 and the better part of 1858 for the rebellion to be suppressed in Jhansi and the Awadh countryside.
Other regions of Company controlled India—Bengal province, the Bombay Presidency, the Madras Presidency—remained calm. In the Punjab, the Sikh princes crucially helped the British by providing support; the large princely states, Mysore and Kashmir, as well as the smaller ones of Rajputana, did not join the rebellion, serving the British, in the Governor-General Lord Canning's words, as "breakwaters in a storm."In some regions, most notably in Awadh, the rebellion took on the attributes of a patriotic revolt against European presence. However, the rebel leaders proclaimed no articles of faith. So, the rebellion proved to be an important watershed in Indian- and British Empire history, it led to the dissolution of the East India Company, forced the British to reorganize the army, the financial system, the administration in India, through passage of the Government of India Act 1858. India was thereafter administered directly by the British government in the new British Raj. On 1 November 1858, Queen Victoria issued a proclamation to Indians, which while lacking the authority of a constitutional provision, promised rights similar to those of other British subjects.
In the following decades, when admission to these rights was not always forthcoming, Indians were to pointedly refer to the Queen's proclamation in growing avowals of a new nationalism. Although the British East India Company had established a presence in India as far back as 1612, earlier administered the factory areas established for trading purposes, its victory in the Battle of Plassey in 1757 marked the beginning of its firm foothold in eastern India; the victory was consolidated in 1764 at the Battle of Buxar, when the East India Company army defeated Mughal Emperor Shah Alam II. After his defeat, the emperor granted the Company the right to the "collection of Revenue" in the provinces of Bengal, known as "Diwani" to the Company; the Company soon expanded its territories around its bases in Madras. In 1806, the Vellore Mutiny was sparked by new uniform regulations that created resentment amongst both Hindu and Muslim sepoys. After the turn of the 19th century, Governor-General Wellesley began what became two decades of accelerated expansion of Company territories.
This was achieved either by subsidiary alliances between the Company and local rulers or by direct military annexation. The subsidiary alliances created the princely states of the Muslim nawabs. Punjab, North-West Frontier Province, Kashmir were annexed after the Second Anglo-Sikh War in 1849; the border dispute between Nepal and British India, which sharpened after 1801, had caused the Anglo-Nepalese War of 1814–16 and brought the defeated Gurkhas under British influence. In 1854, Berar was annexed, the state of Oudh was added two years later. For practical purposes, the Company was the government of much of India; the Indian Rebellion of 1857 occurred as the result of an accumulation of factors over time, rather than any single event. The sepoys were Indian soldiers who were recruited into the Company's army
Devanagari called Nagari, is a left-to-right abugida, based on the ancient Brāhmī script, used in the Indian subcontinent. It was developed in ancient India from the 1st to the 4th century CE, was in regular use by the 7th century CE; the Devanagari script, composed of 47 primary characters including 14 vowels and 33 consonants, is one of the most adopted writing systems in the world, being used for over 120 languages. The ancient Nagari script for Sanskrit had two additional consonantal characters; the orthography of this script reflects the pronunciation of the language. Unlike the Latin alphabet, the script has no concept of letter case, it is written from left to right, has a strong preference for symmetrical rounded shapes within squared outlines, is recognisable by a horizontal line that runs along the top of full letters. In a cursory look, the Devanagari script appears different from other Indic scripts such as Bengali, Odia, or Gurmukhi, but a closer examination reveals they are similar except for angles and structural emphasis.
Among the languages using it – as either their only script or one of their scripts – are Hindi, Pali, Bhojpuri, Braj Bhasha, Haryanvi, Nagpuri, Bhili, Marathi, Maithili, Konkani, Bodo, Nepalbhasa and Santali. The Devanagari script is related to the Nandinagari script found in numerous ancient manuscripts of South India, it is distantly related to a number of southeast Asian scripts. Devanagari is a compound of "deva" देव and "nāgarī" नागरी. Deva meaning "heavenly or divine", is one of the terms for a deity in Hinduism, Nagri comes from नगर, which means abode or city. Hence, Devanagari denotes from the abode of divinity or deities. Devanagari is part of the Brahmic family of scripts of India, Nepal and South-East Asia; some of the earliest epigraphical evidence attesting to the developing Sanskrit Nagari script in ancient India, in a form similar to Devanagari, is from the 1st to 4th century CE inscriptions discovered in Gujarat. It is a descendant of the 3rd century BCE Brahmi script through the Gupta script, along with Siddham and Sharada.
Variants of script called Nāgarī, recognisably close to Devanagari, are first attested from the 1st century CE Rudradaman inscriptions in Sanskrit, while the modern standardised form of Devanagari was in use by about 1000 CE. Medieval inscriptions suggest widespread diffusion of the Nagari-related scripts, with biscripts presenting local script along with the adoption of Nagari scripts. For example, the mid 8th-century Pattadakal pillar in Karnataka has text in both Siddha Matrika script, an early Telugu-Kannada script; the Nagari script was in regular use by the 7th century CE and it was developed by about the end of first millennium. The use of Sanskrit in Nagari script in medieval India is attested by numerous pillar and cave temple inscriptions, including the 11th-century Udayagiri inscriptions in Madhya Pradesh, an inscribed brick found in Uttar Pradesh, dated to be from 1217 CE, now held at the British Museum; the script's proto- and related versions have been discovered in ancient relics outside of India, such as in Sri Lanka and Indonesia.
Nagari has been the primus inter pares of the Indic scripts. It has long been used traditionally by religiously educated people in South Asia to record and transmit information, existing throughout the land in parallel with a wide variety of local scripts used for administration and other daily uses.. Other related scripts such as Siddham Matrka were in use in Indonesia, Vietnam and other parts of East Asia by between 7th- to 10th-century. Sharada remained in parallel use in Kashmir. An early version of Devanagari is visible in the Kutila inscription of Bareilly dated to Vikram Samvat 1049, which demonstrates the emergence of the horizontal bar to group letters belonging to a word. One of the oldest surviving Sanskrit texts from the early post-Maurya period consists of 1,413 Nagari pages of a commentary by Patanjali, with a composition date of about 150 BCE, the surviving copy transcribed about 14th century CE. Nāgarī is the Sanskrit feminine of Nāgara "relating or belonging to a town or city, urban".
It is a phrasing with lipi as nāgarī lipi "script relating to a city", or "spoken in city". The use of the name devanāgarī emerged from the older term nāgarī. According to Fischer, Nagari emerged in the northwest Indian subcontinent around 633 CE, was developed by the 11th-century, was one of the major scripts used for the Sanskrit literature. Most of the southeast Asian scripts have roots in the Dravidian scripts, except for a few found in south-central regions of Java and isolated parts of southeast Asia that resemble Devanagari or its prototype; the Kawi script in particular is similar to the Devanagari in many respects though the morphology of the script has local changes. The earliest inscriptions in the Devanagari-like scripts are from around the 10th-century, with many more between 11th- and 14th-century; some of the old-Devanagari inscriptions are found in Hindu temples of Java, such as the Prambanan temple. The Ligor and the Kalasan inscriptions of central Java, dated to the 8th-century, are in the Nagari script of North India.
According to the epigraphist and Asian Studies scholar Lawrence Briggs, these may be related to the 9th-century copp
Insurance is a means of protection from financial loss. It is a form of risk management used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as a policyholder; the insurance transaction involves the insured assuming a guaranteed and known small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship; the insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the Policyholder for the coverage set forth in the insurance policy is called the premium.
If the insured experiences a loss, covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk if the primary insurer deems the risk too large for it to carry. Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing; the Babylonians developed a system, recorded in the famous Code of Hammurabi, c. 1750 BC, practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen, or lost at sea. Circa 800 BC, the inhabitants of Rhodes created the'general average'.
This allowed groups of merchants to pay to insure their goods being shipped together. The collected premiums would be used to reimburse any merchant whose goods were jettisoned during transport, whether due to storm or sinkage. Separate insurance contracts were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates; the first known insurance contract dates from Genoa in 1347, in the next century maritime insurance developed and premiums were intuitively varied with risks. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in Enlightenment era Europe, specialized varieties developed. Property insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses; the devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for'the Insurance Office' in his new plan for London in 1667."
A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established the first fire insurance company, the "Insurance Office for Houses," at the back of the Royal Exchange to insure brick and frame homes. 5,000 homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, London's growing importance as a center for trade was increasing demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house, which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, those willing to underwrite such ventures; these informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. The first life insurance policies were taken out in the early 18th century; the first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas Allen.
Edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based."In the late 19th century "accident insurance" began to become available. The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on a tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the 1880s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state.
In Britain more extensive legislation was introduced by the Liberal government in the 1911 National Insurance Act. This gave the British working classes the first contributory system of insurance against illness and unemployment; this system was expanded after the Second World War under the inf
Mumbai is the capital city of the Indian state of Maharashtra. As of 2011 it is the most populous city in India with an estimated city proper population of 12.4 million. The larger Mumbai Metropolitan Region is the second most populous metropolitan area in India, with a population of 21.3 million as of 2016. Mumbai has a deep natural harbour. In 2008, Mumbai was named an alpha world city, it is the wealthiest city in India, has the highest number of millionaires and billionaires among all cities in India. Mumbai is home to three UNESCO World Heritage Sites: the Elephanta Caves, Chhatrapati Shivaji Maharaj Terminus, the city's distinctive ensemble of Victorian and Art Deco buildings; the seven islands that constitute Mumbai were home to communities of Koli people, who originated in Gujarat in prehistoric times. For centuries, the islands were under the control of successive indigenous empires before being ceded to the Portuguese Empire and subsequently to the East India Company when in 1661 Charles II of England married Catherine of Braganza and as part of her dowry Charles received the ports of Tangier and Seven Islands of Bombay.
During the mid-18th century, Bombay was reshaped by the Hornby Vellard project, which undertook reclamation of the area between the seven islands from the sea. Along with construction of major roads and railways, the reclamation project, completed in 1845, transformed Bombay into a major seaport on the Arabian Sea. Bombay in the 19th century was characterised by educational development. During the early 20th century it became a strong base for the Indian independence movement. Upon India's independence in 1947 the city was incorporated into Bombay State. In 1960, following the Samyukta Maharashtra Movement, a new state of Maharashtra was created with Bombay as the capital. Mumbai is the financial and entertainment capital of India, it is one of the world's top ten centres of commerce in terms of global financial flow, generating 6.16% of India's GDP and accounting for 25% of industrial output, 70% of maritime trade in India, 70% of capital transactions to India's economy. The city houses important financial institutions such as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, the SEBI and the corporate headquarters of numerous Indian companies and multinational corporations.
It is home to some of India's premier scientific and nuclear institutes like Bhabha Atomic Research Centre, Nuclear Power Corporation of India, Indian Rare Earths, Tata Institute of Fundamental Research, Atomic Energy Regulatory Board, Atomic Energy Commission of India, the Department of Atomic Energy. The city houses India's Hindi and Marathi cinema industries. Mumbai's business opportunities, as well as its potential to offer a higher standard of living, attract migrants from all over India, making the city a melting pot of many communities and cultures; the name Mumbai is derived from Mumbā or Mahā-Ambā—the name of the patron goddess Mumbadevi of the native Koli community— and ā'ī meaning "mother" in the Marathi language, the mother tongue of the Koli people and the official language of Maharashtra. The Koli people originated in Kathiawad and Central Gujarat, according to some sources they brought their goddess Mumba with them from Kathiawad, where she is still worshipped. However, other sources disagree.
The oldest known names for the city are Galajunkja. In 1508, Portuguese writer Gaspar Correia used the name "Bombaim" in his Lendas da Índia; this name originated as the Galician-Portuguese phrase bom baim, meaning "good little bay", Bombaim is still used in Portuguese. In 1516, Portuguese explorer Duarte Barbosa used the name Tana-Maiambu: Tana appears to refer to the adjoining town of Thane and Maiambu to Mumbadevi. Other variations recorded in the 16th and the 17th centuries include: Mombayn, Bombain, Monbaym, Mombaym, Bombaiim, Boon Bay, Bon Bahia. After the English gained possession of the city in the 17th century, the Portuguese name was anglicised as Bombay. Ali Muhammad Khan, imperial dewan or revenue minister of the Gujarat province, in the Mirat-i Ahmedi referred to the city as Manbai; the French traveller Louis Rousselet who visited in 1863 and 1868 tells us in his book L’Inde des Rajahs: "Etymologists have wrongly derived this name from the Portuguese Bôa Bahia, or, not knowing that the tutelar goddess of this island has been, from remote antiquity, Bomba, or Mamba Dévi, that she still... possesses a temple".
By the late 20th century, the city was referred to as Mumbai or Mambai in Marathi, Gujarati and Sindhi, as Bambai in Hindi. The Government of India changed the English name to Mumbai in November 1995; this came at the insistence of the Marathi nationalist Shiv Sena party, which had just won the Maharashtra state elections, mirrored similar name changes across the country and in Maharashtra. According to Slate magazine, "they argued that'Bombay' was a corrupted English version of'Mumbai' and an unwanted legacy of British colonial rule." Slate said "The push to rename Bombay was part of a larger movement to strengthen Marathi identity in the Maharashtra region." While the city is still referred to as Bombay by some of its residents and by Indians from other regions, mention of the ci
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, with oligopoly which consists of a few sellers dominating a market. Monopolies are thus characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit; the verb monopolise or 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 a business entity that has significant market power, that is, the power to charge overly high prices. Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry.
A monopoly is distinguished from a monopsony, in which there is only one buyer of a product or service. A monopoly should be distinguished from a cartel, in which several providers act together to coordinate services, prices or sale of goods. Monopolies and oligopolies are all situations in which one or a few entities have market power and therefore interact with their customers, or suppliers in ways that distort the market. Monopolies can be established by a government, form or form by integration. In many jurisdictions, competition laws restrict monopolies. Holding a dominant position or a monopoly in a market is not illegal in itself, however certain categories of behavior can be considered abusive and therefore incur legal sanctions when business is dominant. A government-granted monopoly or legal monopoly, by contrast, is sanctioned by the state to provide an incentive to invest in a risky venture or enrich a domestic interest group. Patents and trademarks are sometimes used as examples of government-granted monopolies.
The government may reserve the venture for itself, thus forming a government monopoly. Monopolies may be occurring due to limited competition because the industry is resource intensive and requires substantial costs to operate. In economics, the idea of monopoly is important in the study of management structures, which directly concerns normative aspects of economic competition, provides the basis for topics such as industrial organization and economics of regulation. There are four basic types of market structures in traditional economic analysis: perfect competition, monopolistic competition and monopoly. A monopoly is a structure in which a single supplier sells a given product. If there is a single seller in a certain market and there are no close substitutes for the product the market structure is that of a "pure monopoly". Sometimes, there are many sellers in an industry and/or there exist many close substitutes for the goods being produced, but companies retain some market power; this is termed monopolistic competition.
In general, the main results from this theory compare price-fixing methods across market structures, analyze the effect of a certain structure on welfare, vary technological/demand assumptions in order to assess the consequences for an abstract model of society. Most economic textbooks follow the practice of explaining the perfect competition model because this helps to understand "departures" from it; the boundaries of what constitutes a market and what does not are relevant distinctions to make in economic analysis. In a general equilibrium context, a good is a specific concept including geographical and time-related characteristics. Most studies of market structure relax a little their definition of a good, allowing for more flexibility in the identification of substitute goods. Profit Maximizer: Maximizes profits. Price Maker: Decides the price of the good or product to be sold, but does so by determining the quantity in order to demand the price desired by the firm. High Barriers: Other sellers are unable to enter the market of the monopoly.
Single seller: In a monopoly, there is one seller of the good, who produces all the output. Therefore, the whole market is being served by a single company, for practical purposes, the company is the same as the industry. Price Discrimination: A monopolist can change the price or quantity of the product, he or she sells higher quantities at a lower price in a elastic market, sells lower quantities at a higher price in a less elastic market. Monopolies derive their market power from barriers to entry – circumstances that prevent or impede a potential competitor's ability to compete in a market. There are three major types of barriers to entry: economic and deliberate. Economic barriers: Economic barriers include economies of scale, capital requirements, cost advantages and technological superiority. Economies of scale: Decreasing unit costs for larger volumes of production. Decreasing costs coupled with large initial costs, If for example the industry is large enough to support one company of minimum efficient scale other companies entering the industry will operate at a size, less than MES, so cannot produce at an average cost, competitive with the dominant company.
If long-term aver
Health insurance is an insurance that covers the whole or a part of the risk of a person incurring medical expenses, spreading the risk over a large number of persons. By estimating the overall risk of health care and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement; the benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury, it includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment". A health insurance policy is: A contract between an insurance provider and an individual or his/her sponsor; the contract can be renewable or lifelong in the case of private insurance, or be mandatory for all citizens in the case of national plans.
The type and amount of health care costs that will be covered by the health insurance provider are specified in writing, in a member contract or "Evidence of Coverage" booklet for private insurance, or in a national health policy for public insurance. Provided by an employer-sponsored self-funded ERISA plan; the company advertises that they have one of the big insurance companies. However, in an ERISA case, that insurance company "doesn't engage in the act of insurance", they just administer it. Therefore, ERISA plans are not subject to state laws. ERISA plans are governed by federal law under the jurisdiction of the US Department of Labor; the specific benefits or coverage details are found in the Summary Plan Description. An appeal must go through the insurance company to the Employer's Plan Fiduciary. If still required, the Fiduciary's decision can be brought to the USDOL to review for ERISA compliance, file a lawsuit in federal court; the individual insured person's obligations may take several forms: Premium: The amount the policy-holder or their sponsor pays to the health plan to purchase health coverage.
Deductible: The amount that the insured must pay out-of-pocket before the health insurer pays its share. For example, policy-holders might have to pay a $500 deductible per year, before any of their health care is covered by the health insurer, it may take several doctor's visits or prescription refills before the insured person reaches the deductible and the insurance company starts to pay for care. Furthermore, most policies do not apply co-pays for doctor's visits or prescriptions against your deductible. Co-payment: The amount that the insured person must pay out of pocket before the health insurer pays for a particular visit or service. For example, an insured person might pay a $45 co-payment for a doctor's visit, or to obtain a prescription. A co-payment must be paid each time. Coinsurance: Instead of, or in addition to, paying a fixed amount up front, the co-insurance is a percentage of the total cost that insured person may pay. For example, the member might have to pay 20% of the cost of a surgery over and above a co-payment, while the insurance company pays the other 80%.
If there is an upper limit on coinsurance, the policy-holder could end up owing little, or a great deal, depending on the actual costs of the services they obtain. Exclusions: Not all services are covered. Billed items like use-and-throw, etc. are excluded from admissible claim. The insured are expected to pay the full cost of non-covered services out of their own pockets. Coverage limits: Some health insurance policies only pay for health care up to a certain dollar amount; the insured person may be expected to pay any charges in excess of the health plan's maximum payment for a specific service. In addition, some insurance company schemes have annual or lifetime coverage maxima. In these cases, the health plan will stop payment when they reach the benefit maximum, the policy-holder must pay all remaining costs. Out-of-pocket maximum: Similar to coverage limits, except that in this case, the insured person's payment obligation ends when they reach the out-of-pocket maximum, health insurance pays all further covered costs.
Out-of-pocket maximum can be limited to a specific benefit category or can apply to all coverage provided during a specific benefit year. Capitation: An amount paid by an insurer to a health care provider, for which the provider agrees to treat all members of the insurer. In-Network Provider: A health care provider on a list of providers preselected by the insurer; the insurer will offer discounted coinsurance or co-payments, or additional benefits, to a plan member to see an in-network provider. Providers in network are providers who have a contract with the insurer to accept rates further discounted from the "usual and customary" charges the insurer pays to out-of-network providers. Prior Authorization: A certification or authorization that an insurer provides prior to medical service occurring. Obtaining an authorization means that the insurer is obligated to pay for the service, assuming it matches what was authorized. Many smaller, routine services do not require authorization. Explanation of Benefits: A document that may be sent by an insurer to a patient explaining what was covered for a medical service, how payment amount and patient responsibility amount were determined.
Prescription drug plans are a form of insurance offered through some health ins