economic competition
rivalry between firms; ability of companies to take each others' market share in a given market
AI overview
Economic competition is the rivalry between companies trying to attract customers and gain a larger share of the market. It matters because this competition encourages businesses to improve their products and services to win over buyers from their rivals.
AI-generated from the Wikipedia summary — may contain errors.
Research
14,081 papers- Economic competition and its determinants in medical equipment public procurement.Journal of medical engineering & technology · 2021
- Economic competition: has the "solution" become the problem?Nursing management · 1989
- Competition among doctors.BMJ (Clinical research ed.) · 1989
- Balancing economic freedom against social policy principles: EC competition law and national health systems.Health policy (Amsterdam, Netherlands) · 2012
- Industry competition.The Journal of the American College of Dentists · 1997
via PubMed
Article
Adjacent advertisements in an 1885 newspaper for the makers of two competing ore concentrators (machines that separate out valuable ores from undesired minerals). The lower ad touts that their price is lower, and that their machine's quality and efficiency was demonstrated to be higher, both of which are general means of economic competition.
In economics, competition is a scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place. In classical economic thought, competition causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products. The greater the selection of a good is in the market, the lower prices for the products typically are, compared to what the price would be if there was no competition (monopoly) or little competition (oligopoly).