Benefits of a competitive economy.

[Joy_learns_crypto]

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.

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.

[Alphakilo]

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.

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.

[Fortify]

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

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.

[Samlucky O]

WHAT IS A COMPETITIVE ECONOMY

Lower Prices for Consumers

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

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.

[Tmoonz]

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.

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.

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.

[AprilioMP]

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.

[GeorgeJohn]

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

[Oluwa-btc]

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.

[Rgram]

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 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.

[el kaka22]

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.

[AmoreJaz]

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.

[MarjorieZimmermanGinger]

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

Lower Prices for Consumers

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.

[Republikcoin.com]

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

Lower Prices for Consumers

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.

[imamusma]

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

Lower Prices for Consumers

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.

[Jubilee58]

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.

[MarjorieZimmermanGinger]

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.

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.

[Zigabel]

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.

[bubilas]

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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.

[Justbillywitt]

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.

[XOOMBOX]

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.

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.