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John von Neumann

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Devices which are used to perform I/O operations. 

For example:

Input Devices: Keyboard, Mouse, etc.,

Output Devices: Monitor, Printer, etc.,

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Read-only memory (ROM) is a class of storage medium used in computers and other electronic devices. Data stored in ROM can only be modified slowly, with difficulty, or not at all, so it is mainly used to distribute firmware (software that is very closely tied to specific hardware, and unlikely to need frequent updates).

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A minicomputer, or colloquially mini, is a class of smaller computers that developed in the mid-1960s[1][2] and sold for much less than mainframe[3] and mid-size computers from IBM and its direct competitors.Minis were designed for control, instrumentation, human interaction, and communication switching as distinct from calculation and record keeping.

List of some notable Mini-Computers:

• Control Data's CDC 160A and CDC 1700
• DEC PDP and VAX series
• Data General Nova
• Hewlett-Packard HP 3000 series, HP 2100 series, HP1000 series.
• Honeywell-Bull DPS 6/DPS 6000 series
• IBM midrange computers
• Interdata 7/32 and 8/32
• Varian 620 100 series
• Norsk Data Nord-1, Nord-10, and Nord-100
• Prime Computer Prime 50 series
• SDS SDS-92
• SEL, one of the first 32-bit real-time computer system manufacturers
• Texas Instruments TI-990
• Wang Laboratories 2200 and VS series
• K-202, first Polish minicomputer

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• PROM is the older technology while both PROM and EPROM are nonvolatile memory devices.

• PROMs can be programmed only once while EPROMs are reusable and can be programmed multiple times.

• The process in the programming of PROMS is irreversible; hence the memory is permanent. In EPROMs memory can be erased by exposure to UV light.

• EPROMs have a fused quartz window in the packaging to allow this. PROMs are enclosed in complete plastic packaging; therefore UV has no effect on PROMs

• In PROMs data is written/ programmed onto the chip by blowing the fuses at each bit using much higher voltages than the average voltages used in digital circuits. EPROMS also use high voltage, but not enough to alter the semiconductor layer permanently.

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A person, company etc that has an effect on the economy of a country, for example by buying, selling, or investing.

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A monopoly possesses the following merits.

(i) Potential to stand depression:

Due to its extensive financial resources, a monopoly firm can survive the shocks of falling prices and the consequential losses, which, to small sized competitive firms, prove fatal during the period of depression.

Small competitive firms close down due to losses, while monopoly firms not only fare through them but even succeed in maintaining the price level.

(ii) Potential for Research and Development:

Due to its large financial resources, a monopoly can introduce any type of invention or improved technology which is deemed crucial for its commercial success. On the contrary, small competitive firms turn commercially non-viable due to their inability to afford technological innovations.

(iii) Potential to Face Foreign Competition:

A large monoploy is capable of competing with foreign firms because of scale economies that it reaps due to its large scale operations. It is for this reason that many European countries encourage formation of cartels and syndicates. Small competitive firms suffer from diseconomies, and hence, fail to face foreign competition.

(iv) As a Remedy to Unhealthy Competition:

Many industries consist of a large number of inefficient firms indulging in unhealthy competition. Combining these firms into one often leads to eliminating inefficiency, reducing costs and widening the markets through intelligent advertising.

(v) As a Source of Essential Public Utilities:

Industries producing essential goods and services need to operate on a large scale so that enough may be produced to cater to the needs of the people at fair and uniform prices. Such industries require huge capital investment and hence are often state managed.

Examples are public transport, power generation, water supply, communication and the like. They are all state monopolies. They operate on large scale so that they may avail of the benefits of scale economies for providing basic amenities at fair and uniform prices.

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A cartel is an agreement between competing firms to control prices or exclude entry of a new competitor in a market. It is a formal organization of sellers or buyers that agree to fix selling prices, purchase prices, or reduce production using a variety of tactics. 

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A minimum price guaranteed to a farmer for agricultural produce and maintained by subsidy or the buying in of surplus stock.

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Changes in the conditions of demand or supply will shift the demand or supply curves. This will cause changes in the equilibrium price and quantity in the market