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What is the meaning of the term Competition when it relates to a market?

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What is the meaning of the term Competition when it relates to a market?

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Rival firms may operate in local, regional, national, and even global markets. Ex. McDonald's and Burger King. Sears and Walmart. Ford and Toyota.

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How is competition important to the market economy?

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How is competition important to the market economy?

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Competition makes firms make better products and discover low-cost ways of making them. Ex. Firm A is in competition with Firm B. Firm A makes a better phone for half the price and can charge less.

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The competitive process places pressure on each......

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The competitive process places pressure on each......

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Business and Firm.

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Why businesses don't like competition since it is good for consumers?

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Why businesses don't like competition since it is good for consumers?

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Businesses don't like competition because it means that consumers, thought this is good for them, might not buy from them. A businesses want to make as mush money as they can and competition just means that they make less and less money. This is why many businesses try to keep other businesses form entering the market place.

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what correlation does competition have with self-interest? 

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what correlation does competition have with self-interest? 

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Self-interest is used in competition to elevate the standard of living. Sense they want you to buy there product they will try to make it with the best quality. This makes there competition make there products with higher quality. This elevates the stander of living for everyone.
EX. Microsoft makes a faster computer then Apple and gets more business. This makes Apple make a faster computer to get more money and sales. This continues on and on and all of use get faster computers.

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How is possible that building many automobiles, airplanes, and tanks is more cost effective over building each of the units one at a time.

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How is possible that building many automobiles, airplanes, and tanks is more cost effective over building each of the units one at a time.

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If firms can make many Airplanes, Automobiles, and tanks then they can spreed the cost over many units the cost of the units fall. So people will buy the less exspensive car that is also good quality.

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If a company raises prices, Sells inferior products and provides marginal services.

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If a company raises prices, Sells inferior products and provides marginal services.

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i:The Business will start to loss money from lower sales and there competition's sales will start to rise.
ii: If a producer wants to stay in the Market then they can not be complacent.

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Ash's, a small store in Iowa, started to grow due too there low prices and wide veriaty of pruducts first took out all of there competition in there city and started to grow. After three years they made up more then half of the stores in Iowa. After three more years they had grown to Ohio, Kentucky, West Virginia, and many other states. After three more years they had taken out all most all of there competition in the USA.

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What dose it mean when you hear the statement "In a Market Economy, Entrepreneurs are free to innovate"?

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What dose it mean when you hear the statement "In a Market Economy, Entrepreneurs are free to innovate"?

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In a market economy Entrepreneurs can grow there business and change things up all that they want, but there can be a cost if they fail which can be as small as losing a few consumers to having to shut down the business for ever. So they can do what they want but can face problems.

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Predictable price-quality pattern that occurs with the introduction of a new product.

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Predictable price-quality pattern that occurs with the introduction of a new product.

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If a producer wants to stay in business then they need to keep there production and quality up. What may pass as alright may not pass tomorrow and they need to keep up.
Ex. In the 1980's McDonald's and Wendy's ran dinners out of business.

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What dose competition discover about the business structure and size of a company?

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What dose competition discover about the business structure and size of a company?

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If a business makes a quality product at an attractive price it will profit. But if it ends with a higher cost then there competition will drive them out of the market.