Benefits of a competitive economy.

[MarjorieZimmermanGinger]

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.

[Unknown Op]

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.

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.

[kotajikikox]

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.

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

[justdimin]

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.

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.

[bangjoe]

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.

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.

[GeorgeJohn]

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.

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

[davis196]

Thanks for posting a wall of text, that looks as if it was generated by AI. 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.

[EarnOnVictor]

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.

[Distinctin]

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.

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.

[Pablo-wood]

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 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.

[bubilas]

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.

[dezoel]

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.

[Berry2d]

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.

[Hamza2424]

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.

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.

[Cheema02]

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.

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.

[DYOR+BTC]

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.

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

[Sarah Jordan]

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.

[Out of mind]

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.

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

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.

[M47AK16]

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.

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.

[Zenin Fu]

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.