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Competition has been shown to be a significant predictor of productivity growth within nation states. [24] Competition bolsters product differentiation as businesses try to innovate and entice consumers to gain a higher market share and increase profit
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The correct sequence of the market structure from most to least competitive is perfect competition, imperfect competition, oligopoly, and pure monopoly. The main criteria by which one can distinguish between different market structures are: the number and size of firms and consumers in the market, the type of goods and services being traded ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Competition (economics) is included in the JEL classification codes as JEL: D40 Wikimedia Commons has media related to Competition (economics) . The main article for this category is Competition (economics) .
The theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market. [1] Firms are key drivers in economics, providing goods and services in return for monetary payments and rewards.
An economic moat, often attributed to investor Warren Buffett, is a term used to describe a company's competitive advantage. [1] Like a moat protects a castle, certain advantages help protect companies from their competitors.
Effective competition is a concept first proposed by John Maurice Clark, [1] then under the name of "workable competition," as a "workable" alternative to the economic theory of perfect competition, as perfect competition is seldom observed in the real world.