Seven Major Sources of Economic Progress (Competitive Market) by Joseph Blanton https://padlet.com/19jblanton5401/uigqv4xp83vq By. Joe Blanton en-us 2016-11-21 15:52:57 UTC 2025-12-04 10:36:15 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Dartstarget.png What is the meaning of the term Competition when it relates to a market? 19jblanton5401 https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/139133146 Rival firms may operate in local, regional, national, and even global markets. Ex. McDonald's and Burger King. Sears and Walmart. Ford and Toyota.]]> 2016-11-21 15:55:55 UTC https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/139133146 How is competition important to the market economy? 19jblanton5401 https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/139134678 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.]]> 2016-11-21 16:00:26 UTC https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/139134678 The competitive process places pressure on each...... 19jblanton5401 https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/139136227 Business and Firm. ]]> 2016-11-21 16:05:15 UTC https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/139136227 If a company raises prices, Sells inferior products and provides marginal services. 19jblanton5401 https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/139138343 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.]]> 2016-11-21 16:11:40 UTC https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/139138343 Scenario 19jblanton5401 https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/139140334 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.]]> 2016-11-21 16:16:48 UTC https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/139140334 What dose it mean when you hear the statement "In a Market Economy, Entrepreneurs are free to innovate"? 19jblanton5401 https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/139142442 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.]]> 2016-11-21 16:22:47 UTC https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/139142442 Predictable price-quality pattern that occurs with the introduction of a new product. 19jblanton5401 https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/140840445 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.]]> 2016-11-30 15:29:06 UTC https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/140840445 How is possible that building many automobiles, airplanes, and tanks is more cost effective over building each of the units one at a time. 19jblanton5401 https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/140843847 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.]]> 2016-11-30 15:36:44 UTC https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/140843847 What dose competition discover about the business structure and size of a company? 19jblanton5401 https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/140849414 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.]]> 2016-11-30 15:48:42 UTC https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/140849414 what correlation does competition have with self-interest? 19jblanton5401 https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/140851571 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.]]> 2016-11-30 15:53:12 UTC https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/140851571 Why businesses don't like competition since it is good for consumers? 19jblanton5401 https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/141411245 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.]]> 2016-12-02 15:34:45 UTC https://padlet.com/19jblanton5401/uigqv4xp83vq/wish/141411245