Bitcoin Forum

WHAT IS A COMPETITIVE ECONOMY

A competitive economy is an economy where no single seller or buyer has a monopoly over the market in terms of  influencing the price of the market but market price is only regulated by the forces of simple demand and supply, It should be noted that a competitive economy is usually associated with free entry and exit without any interference or protection by an state a competitive economy gives all participants a level playing ground without any unfair advantage by any party a competitive economy is efficient because firms can't make excessive profit  because Competition brings down the cost of production over time which gives rise to economic stability and prosperity.
I wrote this thread because of the tariffs that the united states of America has imposed on the rest of the world which is meant to protect their own economy but looking critically at this very move by the trump administration it is  actually a suicidal attempt to put the United State
 economy into problem going forward because the fact remains that the trump administration is aimed at protecting the United States of America economy from competition which is not a healthy one because a careful look at history and looking at how the super economic Powers of today such as China, Russia etc they where economies that where open to competitive so over time these economies evolved into a better competitors which has given them access to global economic dominance leading to a prosperous economy over the long period

BENEFITS OF A COMPETITIVE ECONOMY


 Increased Efficiency and Innovation

Market discipline: Firms must improve productivity and reduce waste to stay competitive.

Innovation drive: Competition pushes companies to innovate in products, services, and technologies to gain a competitive edge.

Lower Prices for Consumers

Price competition _ With more players in the market, prices tend to drop which tends to benefit consumers.

Better value_ Companies are incentivized to offer higher quality at lower costs.

Greater Consumer Choice

More firms and products in the market result in a wider variety of goods and services for consumers to choose from.

Improved Quality of Goods and Services

Customer focus_ Businesses strive to meet consumer expectations which usually leads to better quality and service.

Accountability_ Firms that underperform risk losing market share or failing entirely.

Foreign Investment and Capital Inflow

Attractive market_  A competitive open economy can draw foreign direct investment which brings in capital, technology, and expertise.

Job creation_  Investment can lead to expansion and employment opportunities.

Economic Growth

Productivity boost _ Competitive pressures can increase overall economic productivity.

Dynamic markets_ The economy becomes more adaptable and resilient to change.

Better Resource Allocation

In a competitive market resources tend to flow to the most efficient and productive firms improving overall economic efficiency.

 Integration into Global Markets

Opening up fosters international trade creating opportunities for exports access to global markets and economic diversification.

 

A competitive economy pushes businesses to work harder, improve quality & and lower prices because they want to attract customers. It gives people more choices & often leads to new ideas k better products. Competition also rewards efficiency since companies that waste resources usually don’t survive. For workers it can create more job opportunities as businesses grow. It encourages progress, keeps markets fair & and helps consumers get better value for their money.

It help the sellers to get more buyers through their quality product they have showcase for the buyers to view in the market. Another benefit of competitive economy, it  allow companies that are not into quality standard to change to quality standard to get more customers from the market, because is only quality products that can change the mind of customers to focus on a particular product in the market.

Competitive economy also change other manufacturer mind to copy from the company that stand for quality product to prove to their customers, that they have upgrade their products, because without that quality product upgrade, there is nothing that will make their customers to remain with them.

It shapes the minds of the business owners and broadens the horizon for greater impacts and development, a competitive economy give rise to growth and enhance stability and also it creates a good communication medium between the buyer and the seller. Hence the benefits of a competitive economy can't be overemphasized as it's a form of revolution for one's community.

A competitive economy ensures the gears which move society don't get stuck, neither rusty. It's one of the decisive factors which push a country to the next level. Nobody should fear a competitive economy, as it offers learning and development opportunities for everyone involved. It should be perceived as a chance to improve oneself's professional skills and career.

What happens is that some individuals don't like a competitive economy, because it's like playing a game on harder mode, when they could simply play it on easy mode (having the monopoly over a determined niche of the market). It sounds convenient and profitable on short run, although on long term the consequences can be devastating due to stagnation, quality of services going down and customers not feeling satisfied after all.

A competitive economy within free-market capitalism, in theory, encourages efficiency, innovation, and consumer choice. However, in practice, it often gives rise to exploitation, inequality, hidden monopolies, crises, and socio-environmental damage. Competition within a free market is indeed effective as a means of short-term resource distribution, but it often fails to maintain social justice, long-term stability, and environmental sustainability.

Competition promotes the logic of quick wins over sustainability. A competitive economy within a free market shifts from domestic to global competition. Opening broader market access, encouraging innovation and technology transfer, it negatively increases the dominance of giant corporations, suppresses local industries, deepens inequality between countries, and gives rise to a race to the bottom.

From your analysis a competitive economy is also a capitalist economy where price determines demand and supply, sellers will be in competition with themselves to improve quality, sales and services to get more patronage which will give them more profits. The Trump, tariff hyke should be a wake up call for these countries that are affected by the US tariff to find other markets for their products and proof that without the American market they can survive. It should also be a wake up call for manufacturers in America, to take advantage of the high tariff to improve on their own products to match the foreign products demand. If their local products can match the quality of the foreign goods and they can sell at cheaper prices, their patronage will be high and they will make more profit.

All what you have written is correct and I love this thread some nations are going through hardship and poor economy because there's no competitive market, competitive economy will help reduce high cost of things in a nation, when a nation has no competitive economy cost of things will become very high because production is only in the hands of one or two persons and they will decide how to high there price and the customers won't have a choice but to buy but when there's competition the customers which is the people of that nation has a lot of choice and the companies will have no choice but to reduce there price to a level that will be suitable to the people so a competitive economy is very good in a nation, some nations are not practicing this because all the production are in the hands of the government and they do this in other to have control of the economy totally.

True, another important point is the absence of monopolies. Often, when there is no competition, the market is monopolized by companies that dominate the market. They can control market prices at will, and prices remain relatively high in the absence of competition.

Monopolies are the most cruel form of market manipulation, causing many people to suffer, especially if a company has a complex workflow for its employees, from earning money to spending it within the same company.

Very good... but I think you focused only on traditional concepts. There are several other social and technological effects that can be added...

When we have healthy competition, it requires not only low prices but also requires these companies to respect consumers and attract them to find "differentiators" in their products that go far beyond price... such as transparency policies and even more sustainable options. They seek these differentiators when they realize they are in a situation where price alone is no longer a decision-making factor.

Similarly, countries and sectors of the economy that are more exposed to this global competition will seek improvements, adopt new technologies to offer something with more added value, reduce their manufacturing costs to obtain a higher profit margin, or find ways to produce the same quantity at a lower price without losing financial margin.

But what I've seen happen, especially now with Trump's sanctions, is that in economic crises, some countries have formed alliances and integrated regional economic blocs to help each other, breaking down barriers and thus increasing resilience against external impacts.

A competitive economy means that the country has an healthy economy. Open opportunities for everyone and friendly laws to the businessmen. The developing countries still are struggling with being open to their trade despite that some larger economies are there to support them. Another reason why a competitive economy is there is the leadership is good. It doesn't need a top notch leadership but it should be economical and has the priority to increase their trades in specific industries where they are strong.

The country will also be known for innovation. For a competitive economy is usually the one pushing for innovation and technological advancements. They will be inventing things that would be wanted by many other countries and therefore bringing in profits to the country.

A competitive economy creates the opportunity for everybody to put in their best because people want to go for the best alone, by doing this you see people bringing up new ideas to certain businesses just so they could be at an advantageous edge over the other, so Monopoly ruins competitiveness and economic growth, however Trump as a president and as a Business man also as a politician is taking some decisions out of political sentiment, which to him is good for his kind of economic policies especially the ones that will affect businesses of interest within America and the one's influenced by America by proxy.

Before we can get this competitive economy is when there is an availability and affordable product that business men and women could purchase at any moment because when productions are very small it cannot go round to accommodate every business person and those that would have it might decide to sell in whichever amount they feel is profitable for them so in other words the inflation keep rising so actually if we go by what you said concerning large quantity of production it will definitely reduce the inflation and creat  a very high competitive market.

This is true, but people are forgetting, in this world, that creates monopoly. Lets say that Amazon decides that they want to make baby diapers, they have so much money that they can make it as cheap as it gets, they can literally make it half the price of cheapest there is, and that is awesome for the people, correct?

Like you pay 50% less for diapers, newborn baby parents would be excited and super happy. But then, that means, Amazon is the only one selling it, all other diaper companies will bankrupt, and that leaves Amazon as diaper monopoly. Is that a good thing? Where is the competition in there? The sad thing is, we are going to end up with no competition BECAUSE of the competition if we keep this same system going.

A competitive economy enables consumers to have more choices with different varieties of product to choose from according to their budget and taste. It also gives Room for growth because every seller will sit up for new ideas, new market strategies, new packaging to make their business stand out.

Competitive economy benefits both the consumers and seller's, consumers get fair deals while producers are encouraged to improve, grow and develop.

A competitive economy is an ideal economy as it has so many beautiful advantages over monopoly. Unfortunately,  there is no perfect competitive economy anywhere, there is always the political and military power that weighs in to make things favor certain interest. Without sounding political, I know you understand what I mean and to help with your understanding, crude oil is cheaper than all of its derivatives, and so are many other natural resources.  These are not mere coincidence. That is why I said fair competitive economy is best taken as theory.

It's good, without competition businesses won't grow, it's the competition that encourages business to invest into their quality and branding of their businesses and then the consumers gets the best quality. Competition bring out the best in everything, it also has it's negative side but the positive is what matters because then the customers will be benefiting and get to enjoy the value of their money. Without competition I don't think any sector will grow in a country but they'll only remain the way they're. A competitive economy will generate more revenue for the country and when those revenue are being used wisely, we can get a better economy that benefits everyone.

Tariffs are clearly a tool for competition between nations.  Crying against them is socialism. ldo.

A competitive economy has a lot of benefits on the buyers and also the sellers. In a competitive economy, no individual or industry can monopolize the market in price or supply. It helps in price control in the sense that the buyers has a lot of option to choose from and if a price is too high, they buy another option. It also helps to improve the quality of the commodity,  since there are many sellers or producers. They tend to give the best quality, so they can beat their competitors.
It also create job opportunities, since there are a lot of industries producing the same product, it will allow for more employment for the citizens and also reduce poverty, because more people will be employed and will be able to make an income.

Google the richest African you will see the Name of Aliko Dangote, this is a successful business man but he can not lie that he benefited from a non competitive market. Dangote product that gave him most of his wealth is Cement, I don’t know what the government stood to gain but they made other Cement companies that would have giving Dangote cement a competition disappear.
The government gave Aliko Dangote monopoly in the countries cement industry making his unspeakable fortune. This is the dark side of a non competitive market it makes only one person grow and blocks or channel for any other aspirants.

Competition is very good. When you find yourself where there is no competition, it means that something is wrong somewhere, because competition makes people aspire to be the best in whatever they do. So when there is competition in an economy, many companies will put in a lot of effort to meet the needs of their customers. You will see the competition fixing the economy in terms of growth. In turn, the citizens will in on way enjoy the booming economy. They will thrive. And a thriving citizenry is a growing and progressive nation.

A good environment for business is essential to build a prosperous country, but it often takes decades or centuries to build up all the infrastructure required. Some of it is "simple" like building effective road networks, ports, rail railways. Others require trust that only comes with time, like a legal system that is fairly transparent with minimum corruption possible. That legal system has to have very clear and defined laws, that are enforced equally, so that inward investment can feel safe that their money will not simply evaporate due to something like theft. Then you need effective public services, like people who manage all the government facilities, police that act fairly, medical services that can hopefully treat you without breaking the bank and the rest all starts to fit into place.

I largely agree to this point you have noted, but I chose these 2 options even though the two tend to be thesame. What I know that mostly happens when the market is competitive is that price of goods drop drastically sice everyone will be striving to sell their goods without a fixed price. Unlike the monopoly market where price is fixed by one person in a region and this cause inflation of price but in a competitive market reverse is the case because seller will be struggling to standout as the best, to be able to produce the best customer service to sell their goods.

Where there is no competition things in terms of growth might be slow, competition brings the best of an economy it makes them strive for upgrading and development, we can not overly emphasis about the benefits of a competitive economy in the life of an individual or corporate entities, it increases productivity both in quality and quantity hence improving the standard of living in so many ways, there is more to be achieve whenever you feel the heat of competition compared to when you are not, you will be compel to do more better for you to stand out, competition is good but ur should be done in the most appropriate way.

It encourages companies to remain adaptive and innovative to avoid being left behind. Continuously improving quality and quantity will be a priority to ensure they remain competitive in the market.
Therefore, in many ways, the competitive economy is beneficial because its positive goals lead to improvements in many areas, including the development of innovative ideas for business owners and their futures.

Both the competitive economy and None competitive economy have a disadvantages on the economy of a country, reason being that, if theirs no competition in economical system, a particular person can influence the price and the masses will think that is a norms or normal, but when theirs a competition everyone will have a different price tag because they wants to sell and make money,

From the looks of things when their's competition it's when the masses benefit, and sometimes if they organisation in charge of the economy it's when it does not benefit the masses due to they have agreed in one thing, but a process whereby their's no organisation people will behave well because their's a competition

I mean that's the best and ideal economical state a country should be in.There's a stream flow of productivity,economic growth, leading technologies and better options and lasting solutions to offer.A competitive market offers consumers diverse products and services to meet different tastes and needs.

I wasn’t sure of the term before as I felt it could all be summed under competition but, it indeed exists and most importantly, it has bring in the government of a state to ensure their is a complete absence of monopoly in the production and distribution of goods and service in a nation state.

This is one means to foster creativity, efficiency in production and making products available at a more affordable price. It even creates jobs as, it leads to the creation of a research department that would understudy other closely related companies and itself through surveys in order to emerge as the best and be more productive.

It is not that common in any part of the world where one company can be the monopoly. There are "some", in rare cases, but most companies in the world has competition. The trouble is to take down the monopoly when the time comes, or just have to put them in different companies like they did with standard oil. Look at Amazon for example, they are the biggest, do they have competition?

Sure, ebay is one for example, and Barnes and noble is another, there are so many smaller tinier companies that takes chunk out of amazon, one by one. But none of them are as big as amazon and can sell as cheap as amazon, so it suddenly becomes monopoly. How could you even beat them fairly? You can't, so they dictate the market in so many products.

That's the sad reality, as those rich families can create and launch their own companies, they can really have the monopoly of some industries because they are the ones capable of shelling out huge money. It is still happening specially in underdeveloped nations or third world countries. Only few families have their influence in the economy of their country. And so you can clearly see the disparity of their economic status in life.
Hence, it is always recommendable to have a competitive economy so there will be equal distribution of wealth. This is an ideal scenario but we can already see such in most progressive countries. Just take a look at Germany, Singapore, Netherlands, Japan or Switzerland. And see how they are doing business in those nations.

This is what China is doing because they are no longer solely focused on product quality, but rather on how to dominate the trade market so that their products are in demand because they are considered necessities at a more affordable price. Innovation can be the basis for China's ability to dominate markets in several regions of other countries with a few superior products, even if they cannot dominate the global market. If we look at China today and 10 years ago, perhaps their trade market is not as broad as it is now, but they are now able to reach a wider region thanks to the implementation of several strategies.

It seems that in difficult times like these, many other countries will learn from China in terms of expanding their markets and also in creating affordable products with unique features. I am also quite impressed with the way China is implementing its products, especially in terms of marketing and establishing its influence in the global market, so that they continue to be known as a manufacturer of quality goods at affordable prices for all levels of society. They also create more choices so that everyone can compare products from other countries.

That's why the America imposes high import tariffs on Chinese products, as they are more affordable yet maintain quality. If America made it easier, it's almost certain that most goods in the country would be dominated by Chinese products. When it comes to marketing and global competition, many countries should learn from China. But what I admire most is their mentality. They aren't afraid to compete, even though many countries impose high tariffs, and they win because their production costs are much lower.

A lot of benefits are attached to a competitive economy, because in a competitive economy there is increased labour and productivity among investors and business men.Competive economy brings economic stabilization, you even see foreign investors coming in to do their business, because such a place is always an enabling ground for business and people to grow. when the economy is competitive cost of living is not high, because as business man or investors you are always doing your best to win the heart of the people and move your biz to a greater height.

What makes them so unafraid of competition, and why do they dare to challenge the United States, a much stronger superpower? This discussion is actually interesting because a few years ago we knew China as a mediocre country, but now they are being taken into account in many aspects. Trump's tariff increase isn't just about Chinese products; there are other issues that may make the United States feel threatened, and they think it will open up opportunities for greater global economic dominance if China can create something different. This is complicated because it's about the global economy, but the United States will never like a competitor who can surpass its intelligence, so these boundaries need to be maintained.

Improved goods quality
Greater consumer choice
These two points really caught my attention because in them I find the foundation for a prosperous economy, in a competitive economy, the best way of survival for producers and traders is improving the quality of their products and services because that will be your distinctive edge for competition in the market, whenever customers think of the quality you offer, it gives them a reason to come back to patronising you rather than they would patronise others and in other to retain such customers you have to improve or keep up with your quality else you will loose them and your business is most definitely going to be affected.

When the choice of consumers increases it almost helps with the improvement of the economy because the consumers get the peace that they are getting only the best due to the competition in the market whereby the providers of the services and products are aware that the pool of choices for the consumers is broad and they have to improve their quality to maintain this customer, in turn the quality of live and aswell as the economy improves and becomes a thing to beneficial to everyone and even foreign investment may want to come in to join in with the competitive environment and part take in the quality been enjoyed due to the competition.

This is great after this topic. And of course, it is very relevant and I want to express that I feel sorry for all the small countries that have no rules about not creating monopolies, and therefore there is one company that runs there, which is outrageous and does not improve its products at all. It only raises prices and worsens conditions for customers, and they do not care, because they know that their customers have nowhere to go.
And I would like to note that in the business and consumer market I increasingly see that artificial monopolies are still being created by small companies when they unite into groups and begin to pursue their common line in relation to clients.

Any economy that's not open for competitive markets will die slowly because it is that competitiveness that fuels the life of the economy. If you allow few individuals to take absolute control of the market they will behave anyhow they want they will regulate the market anyhow they want and limiting the consumers to only make due with what they have available. And if the consumers don't like what's available they will start looking at the options of importing goods from foreign countries. The money that would have been spent in your economy has been shifted elsewhere. Competitive economy is very good as it benefits all market players.

I think you make a valid point. This competitive economy makes it easier to develop a business and a new idea. Because both the business and the buyer benefit with it. Because when the price of a product is low and the quality of that product is good, then everyone who buys and everyone who sells benefits. So like you, I also think competitive economy is very important here. Because without the right policies and supportive laws, it is very difficult to survive in this competition in the long term.

Some businesses haven't performed well for some time, both in the past and present, and the main reason is that people lack a steady source of income to purchase some of the products they need. Competition can be defined as maximizing production costs, improving quality, and reaching markets, so that businesses can continue to grow and develop, and competition can emerge in a much healthier way. In the long run, survival in business is very difficult because we will face many challenges from new entrants. Without benefits for both buyers and sellers, businesses will increasingly decline and it will be increasingly difficult to gain consumer trust.

I think one should not enter in competitive market because it will not give more profit to you . People are doing great effort in competitive market and they are earning very less as they have no new idea but if applied new idea then you can sell your product at high price because there will be no competition in the market and people will be habitual of our product . Always think out of the box if you want to be a rich in your Young age because if you entered where there is high competition then you will be rich in your end age when you have no attraction with money. When a person is young ,he will enjoy everything and in the old age his bones will be hollow and mind will not work properly and he will no enjoy a wealthy lifestyle.

Even with low initial price, if the product is good people will keep coming back and the business will be sustained. People’s needs are being met and the business is profiting but as soon as demand keeps rising the more the price will increase but they need to make sure that the quality remains the same. or even better

It is sometimes needed, and that is the problem. Imagine there is this small nation with no proper electricity, I mean there is some, but they do not have the money to build infrastructure to bring it to every single home. Some foreign conglomerate comes in, and builds one, because they have the money and expertise for it.

In this case, they are the only company, and that means they are monopoly, and can charge whatever. So much so that, in some cases, citizens failed to pay, and some companies requested to take out resources, or at least have the rights. So you give your whole coal mine in return of few years, very undervalued trade of course. But if you reject, then who else will do it? Nobody else, so you are forced to accept.

That is not only "sometimes" but the competition exists and there must also be, some Merat Conglo must have the opportunity to monopolize, but depending on how the community and government are fighting to the company, and those who are of special concern such as electricity, fuel oil, water must be controlled by the state should not be mastered by certain entities that can escape control and set the price of arbitrary prices.

Competition is a need for an affordable socioeconomic order.

What competition can bring is to subsidised the prices of things in the country, because if one person have all the stocks they will be monopoly in price of things, so competition will influence the price of things so that price of thing's or cost of goods will not be determined by a particular individual, and it will be difficult to be control in the society

Thanks for posting a wall of text, that looks as if it was generated by AI. ;D Next time, try to summarize your text in several sentences.
What's the point of this forum thread? Are you asking a question? Are you starting a discussion about an important subject?
Having a competitive economy is good. OK. So what? This is just a statement, not a question.
I don't think that a competitive economy pushes the price of consumer goods down. The overall level of inflation depends of the central bank's monetary policy(more or less money printing) and the economy's access to cheap oil, gas and raw materials. Even the most competitive economies around the world(like the USA and the UK) could potentially have increased levels of inflation.

I always summarize the benefits of a competitive market into avoidance of Monopoly and it gives an increased Value. Lack of competition will surely cause a strong hook on the market, which affects the price, because they will be able to decide the price unchallenged, even if their price is not worth it, they might hike it to the tune of multiples of the price nearly unchallenged.

Some will even create artificial scarcity to naturally increase the demand and price. But if there are enough competitions, no actor dares that.

Again, value is important here. Without competition, the single or a few businesses behave anyhow and deliver poor services and low-quality products. In some cases, it's due to the in ability to invest more in learning, resources, additional employee, or they are simply overwhelmed by demands.

A healthy competition is what a competitive economy needs. Everything is working for a better and progressive future, and that’s where you can find that all the individuals living on it are responsible on their tasks and they share commons goals to achieve, that’s why it’s not surprising why success could be easily achieve because everyone is working hand in hand.

As long as there is healthy competition, there will also be a positive outcome. Let there be constant competition, because that only means that people just want the best for theirselves and the people that goes to visit their country.

A competitive market makes sense where there is proper regulations. Larger players might engage in predatory pricing just to hike price, driving smaller businesses out of the market. A competitive market protects the economic society but it only works where things are coordinated and laws are followed.

The market can always be exploited. Once the larger players succeed in securing market control they can raise prices and reduce quality. Then it won't be obvious the market is been manipulated because of the trust built by this big players over the years.

Because of globalization and the huge difference in the economies of different countries, some countries arbitrarily limit their economies from developing. What do I mean? For example, those regions of India and China that make things for export by order of countries like America at first glance are doing a profitable business - they are cheap labor for a rich country and are provided with work. But at the same time, they could be attracted to work for the economy of their country. I am not talking about taxes, they pay them anyway.
I mean that these people could create goods that would improve the domestic product of their country or receive an education that would allow them to become skilled workers aimed at developing technologies in their country.

I am sure that some nations are doing a wrong job and nothing wrong with that, because not everyone has to do the exactly the same thing, as long as you are doing a good job then you are going to do a good job. What we need right now is the fact that our own nation does it the correct way. Some do it from manufacturing, some do from finance, some do from tech, some do from agriculture, some do from tourism.

Every nation has its own income method, some have multiple. But if you are not careful then you are going to lose a lot of money and some do that mistake and that is why it's quite obvious that we lose out in many cases. My nation for example could make so much more money but eventually fail and that's a mistake so we need to fix it.

Operating in a monopolized economic system is the worst that could happened to any countries economy because their won't be room for competitiveness, price control and other related factor associated to economic development which will indirectly affect the progressive movement of the country. The main benefit of operating in a competitive economic system is its ability to offer profitable chances to organizations with vision, willingness and ambition to reduce inflation in the country, and most especially giving room for price control.

Zanab, you are right but you are seeing this from only one perspective the one you have which is a neat and clean one but when people are in the market and they see competition, they don't always think of improving their services, like the quality or customer response. They sometimes try to do other dirty in the market.

They go against them, do hateful campaigns against them, they try to create monopoly at the end so they could either buy their shops by making their work hell and then give them offers to buy their businesses or a competition can set the standard too high in the market that nobody could compete and no matter how much small businesses try to compete with you they can't.

Upgrading the product and the other infrastructure is a good approach, but they usually spend more money on marketing first.

Yes, this is something in which the government of every country should think very seriously. this is the global world if you have to walk with the world then it is necessary to have eyes on what is happening in the world and where you are standing in this race because if we don't do this the world will leave us so far. Why is the difference in the currency so much in different countries. the countries who have strong currency are paying attraction towards the people of their country and towards the resources they have and study on how to utilize them in the favour of their country. I think God Blessed every place with something the other has not. The need is only to learn the ways in which they will be able to benefit you and your country.

Monopoly is a very dangerous dieses that must be eliminated from every countries economy because it has the ability to eat deep and crash any economic system attached to it. Its clear the primary factor responsible for monopoly is quest for supremacy from government officials end, with a general motive of enslaving all the citizens of the country giving no room for public opinion of any kind and once it is achieved, there won't be any vacuum for a competitive economic system and will at last give birth to underdevelopment of the country in question

Yes, competitive economy is beneficial because there will be more quality products or goods to buy. As producers would want to keep up in the market.

Products will be cheaper for purchasing.

It is also beneficial to the society as there will be job opportunities for the unemployed. So these are some benefits of a competitive economy.

Of course, if a thing is sold at an initial price, then if the product is good later, its quality will also increase. If a businessman wants to maintain his products well, he has to keep them good all the time. If he normalizes it, then its demand will decrease. As the demand increases, the price of the goods and products will also increase, that is why it is the job of a businessman to always keep the quality of the products good to increase the demand. To survive in business, the quality of the product can never be reduced. It must always be kept the same, only then will people be interested in it and its demand will increase, and the price will also increase.

I might not agree that countries like India & China only focus on exports. They also have a number of good products supporting their country's domestic growth. They start exporting after they fulfil their county's needs and this is not bad as they are also contributing towards global success while earning a decent revenue which will also develop their nation.

The amount of skilled workers is growing drastically in every country. Not only developed nations but even in other nations, you will find a lot of skilled workers who will be trained by world class facilities remotely. This is the internet era and we don't just learn from schools or colleges. It is quite easy nowadays to gain new skills and master them. All we need is dedication.

These skilled workers will shape the future of their country if they stay within their nation. Mostly we see that these skilled workers are either hired by global brands and are forced to relocate to a developed nation.

We have to keep the market price low at all times and increase productivity. If the production of the product is high, then if it can be sold at a little less profit, then we will still have more profit. Therefore, before we compete economically, we have to increase productivity and reduce the market price. Then we will be able to benefit the most in a competitive economy.

Benefit of a competitive economy is that it keeps everything moving forward. When different businesses are competing, they don’t get too relaxed, they are constantly trying to improve their products, lower prices, or add more value just to stay relevant..  That automatically favors consumers because you end up with more options, better quality, and affordable prices. It also drives innovation, since companies want to stand out by bringing in fresh ideas, new technologies, and unique services.
Another key point is that competition helps prevent monopolies from controlling everything, which creates a fairer and more balanced system. In the bigger picture, it can even boost productivity in a country, because when businesses are pushing themselves to stay ahead, the whole economy grows stronger..

A competitive economy ensuring that create business to start works opportunity for everybody to put in their best. Nobody should fear a competitive economy free market capitalism, encourage efficiency,in theory, consumer choice, and innovation.
This help to seller's it get mind of the business owner and broaden the buying to view in the market, Lowe price business must attracted customer service more affordable and making good

Countries with dreams and focus never fail to recognized a competitive economic system which gives room for revamping failed structures and systems that conspicuously contributed to their economic failure. Apart from competitive economic system there Are other system but approximately all countries concentrates much on the competitive one because of its importance to the country, which can never be written off no matter there circumstances, so reasons for adapting the competitive system needs to be outlined for clear indications.

The competitive economic system gives room for competition, quality, accessibility, accountability, true potentials and so on. A competitive economic system enables the availability of different products for the consumers to make choice for themselves without any interference of any kind on the process, promoting quality than quantity in products distribution and circulation in the market . apart from the above mentioned benefits, creation of job opportunities is also available because of more companies working tirelessly to prove their supremacy over other in the labour market

You have captured the essence of why many nations prioritize a competitive economic system.  The most important key point that is how it promotes quality over quantity, when multiple producers or service providers are  looking for the consumer attention, the natural result is better standards, and customer satisfaction.
Another thing you mentioned is job creation. In a competitive economy, the presence of various firm trying to grow more than one another leads to expansion, which directly opens up more employment opportunities. It also pushes individuals to develop their skills to stay active, which benefits both the firm and the economy.