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.
