Thème 4 - Information systems and new technologies B GAFAM GAFAM represents the US technology leaders, or the tech giants. The acronym stands for Google Apple Facebook (Meta) Amazon and Microsoft which became the top five companies in the world in terms of capitalization in the 2010s. They now rank within the top ten companies in the US. They are often accused of acting as monopolies: being single sellers and assuming dominant positions in their markets. A monopoly limits the number of available substitute products and makes it difficult for competitors to enter the market. A monopoly benefits from economies of scale which a starting company cannot have. It tends to fix its prices leaving the consumer with no choice which is considered unfair consumer practice. Another criticism made about the GAFAM is that they benefit from " winner take all " strategies (in which the winners of competition are granted ALL benefits) resulting from unfair competition. One way to counteract Microsoft software monopoly is to use open- source software which can be updated and distributed by anyone and for any purpose. A video from the Economist on how to deal with Big Tech: https://www.youtube.com/watch?v=r2uE2ntmbbg & TECHNICAL TERMS Capitalization A monopoly Economies of scale Open- source software Winner take all Unfair competition & COMMON TERMS * Common nouns An acronym A seller A substitute product A winner Capitalisation, (majuscule) Un monopole Des économies d'échelle Un ou des logiciels libres Le vainqueur emporte toute la mise La concurrence déloyale Un acronyme, un sigle Un vendeur Un produit de remplacement Un gagnant, un vainqueur 216https://www.youtube.com/watch?v=r2uE2ntmbbg