AUTHORITY ? description In your own words .this phrase has probably done more damage to investors than just about any other in all of market history.​

Authority is the accepted power of a person or an organization to lead another person or group. In a political sense, authority also stands for the power and dominion over an area or country held by the government. Authority legitimized by law or government is called 'competent authority'. A person who is generally respected by knowledge or status in a certain area is 'authoritative' in that area.

Authority regulates the relationships between people in society. If authority is absent, anarchy reigns. The difference between authority and power is that authority is legitimate. It has the right to exercise this power by, for example, imposing sanctions.

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