World monopoly, also known as global monopoly, refers to a situation where a single company or group of companies have complete control over an entire industry or market on a global level. There are several other terms that can be used to describe this phenomenon, such as worldwide hegemony, global domination, or global supremacy. Additionally, the term oligopoly can be used to describe a situation where only a few large companies dominate a market. In contrast, the term "monopsony" refers to a situation where a single buyer has complete control over a particular market. Regardless of the term used, world monopoly has significant economic implications and can lead to unfair competition, higher prices, and limited consumer choice.