Final answer:
A monopoly is the exclusive control of a market by a single firm with no close substitutes, like Microsoft's dominance in the operating systems market. It has significant implications for consumers and the economy, influencing prices and availability of products.
Step-by-step explanation:
The term you're looking for, which means the exclusive control of a market by a business enterprise, is a monopoly. A monopoly occurs when there is only one firm that sells a product for which there are no close substitutes. This firm controls nearly all of the supply of that good or service, giving it significant market power. An example of a monopoly in recent history is Microsoft, which has been recognized for its domination of the operating systems market.
Monopoly firms have the ability to influence the market by setting prices and controlling the available supply of their product. The power wielded by monopolies can lead to unintended consequences, such as limited choices for consumers and potentially higher prices. Historical examples, like tea and cotton monopolies, have significantly influenced U.S. history by demonstrating how market control can impact society and the economy.