Competition
Competition is a term used to describe the relationship between two or more entities that are vying for the same resources or rewards. It is a fundamental concept in economics, business, and other fields, and is often used to describe the process of striving to gain an advantage over one’s rivals. Competition can take many forms, including price competition, product differentiation, and market segmentation. In a competitive market, firms must strive to differentiate themselves from their competitors in order to gain an edge.
History of Competition
The concept of competition has been around since ancient times. In the early days of commerce, merchants would compete for customers by offering better prices, better quality goods, and more attractive packaging. As the industrial revolution took hold, competition became more intense, with firms competing for market share and resources. In the modern era, competition has become even more intense, with firms competing for customers, resources, and market share on a global scale.
Comparison Table
| Competitor | Price | Quality | Packaging |
|---|---|---|---|
| Firm A | $10 | Good | Attractive |
| Firm B | $12 | Better | Very Attractive |
Summary
Competition is a fundamental concept in economics, business, and other fields. It is a process of striving to gain an advantage over one’s rivals, and can take many forms, including price competition, product differentiation, and market segmentation. In a competitive market, firms must strive to differentiate themselves from their competitors in order to gain an edge. For more information on competition, visit websites such as Investopedia, The Balance, and The Economist.
See Also
- Monopoly
- Oligopoly
- Price Discrimination
- Product Differentiation
- Market Segmentation
- Supply and Demand
- Game Theory
- Perfect Competition
- Monopolistic Competition
- Duopoly
