Wednesday, 25 March 2015

What is competition?

Economics: Rivalry in which every seller tries to get what other sellers are seeking at the same ...

 
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Wednesday, March 25, 2015
 
Term of the Day

competition

Economics: Rivalry in which every seller tries to get what other sellers are seeking at the same time: sales, profit, and market share by offering the best practicable combination of price, quality, and service. Where the market information flows freely, competition plays a regulatory function in balancing demand and supply.
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Usage Example
The company was under serious competition from overseas companies which could manufacture a similar product for much less thanks to lower employee wages.
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