Competition (economics)

competitionmarket competitioncompetitive marketeconomic competitioncompetitivecompetitivenesscompetitorscompetitive marketscompetecompetitor
In economics, competition is a condition where different economic firms seek to obtain a share of a limited good by varying the elements of the marketing mix: price, product, promotion and place.wikipedia
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Monopoly

monopoliesmonopolisticmonopolist
The greater selection typically causes lower prices for the products, compared to what the price would be if there was no competition (monopoly) or little competition (oligopoly). Where externalities occur, or monopolistic or oligopolistic conditions persist, or for the provision of certain goods such as public goods, the pressure of the competitive process is reduced.
Monopolies are thus characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit.

Economics

economiceconomisteconomic theory
In economics, competition is a condition where different economic firms seek to obtain a share of a limited good by varying the elements of the marketing mix: price, product, promotion and place.
To Smith has also been ascribed "the most important substantive proposition in all of economics" and foundation of resource-allocation theory – that, under competition, resource owners (of labour, land, and capital) seek their most profitable uses, resulting in an equal rate of return for all uses in equilibrium (adjusted for apparent differences arising from such factors as training and unemployment).

Capitalism

capitalistcapitalistscapitalistic
The former case is known as a seller's market; the latter is known as a buyer's market or consumer sovereignty.
Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets.

Scarcity

scarcescarce resourcespaucity
Competition is generally accepted as an essential component of markets, and results from scarcity—there is never enough to satisfy all conceivable human wants—and occurs "when people strive to meet the criteria that are being used to determine who gets what."
The condition of scarcity in the real world necessitates competition for scarce resources, and competition occurs "when people strive to meet the criteria that are being used to determine who gets what".

X-inefficiency

X-efficiencyefficiencyoperating efficiency
In his 1776 The Wealth of Nations, Adam Smith described it as the exercise of allocating productive resources to their most highly valued uses and encouraging efficiency, an explanation that quickly found support among liberal economists opposing the monopolistic practices of mercantilism, the dominant economic philosophy of the time.
X-inefficiency is the divergence of a firm’s observed behavior in practice, influenced by a lack of competitive pressure, from efficient behavior assumed or implied by economic theory.

Market analysis

market opportunitymarket potentialanalysis
In economics, competition is a condition where different economic firms seek to obtain a share of a limited good by varying the elements of the marketing mix: price, product, promotion and place.

Economic liberalism

economically liberalliberaleconomic liberal
In his 1776 The Wealth of Nations, Adam Smith described it as the exercise of allocating productive resources to their most highly valued uses and encouraging efficiency, an explanation that quickly found support among liberal economists opposing the monopolistic practices of mercantilism, the dominant economic philosophy of the time.
Although economic liberals can also be supportive of government regulation to a certain degree, they tend to oppose government intervention in the free market when it inhibits free trade and open competition.

Imperfect competition

imperfectly competitiveanti-competitiveimperfect
Later microeconomic theory distinguished between perfect competition and imperfect competition, concluding that perfect competition is Pareto efficient while imperfect competition is not.
In economic theory, imperfect competition is a type of market structure showing some but not all features of competitive markets.

Competition law

antitrustantitrust lawanti-trust
Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies.

Globalization

globalisationglobalizedglobal
International competition also differentially affects sectors of national economies.
Open skies policies and low-cost carriers have helped to bring competition to the market.

Cartel

cartelsprice fixing cartelTrusts
Examples include cartelization and evergreening.
The same criteria of good competition are applied to corporate mergers.

Self-competition

Internal competitionSelf-competition (Internal Competition)

Agent (economics)

agentsagenteconomic agent
In economics, competition is a condition where different economic firms seek to obtain a share of a limited good by varying the elements of the marketing mix: price, product, promotion and place.

Market (economics)

marketmarketsmarket forces
Competition is generally accepted as an essential component of markets, and results from scarcity—there is never enough to satisfy all conceivable human wants—and occurs "when people strive to meet the criteria that are being used to determine who gets what."

Externality

externalitiesnegative externalitynegative externalities
Where externalities occur, or monopolistic or oligopolistic conditions persist, or for the provision of certain goods such as public goods, the pressure of the competitive process is reduced.

Oligopoly

oligopolisticoligopoliesoligopolists
The greater selection typically causes lower prices for the products, compared to what the price would be if there was no competition (monopoly) or little competition (oligopoly). Where externalities occur, or monopolistic or oligopolistic conditions persist, or for the provision of certain goods such as public goods, the pressure of the competitive process is reduced.

Public good (economics)

public goodpublic goodssocial goods
Where externalities occur, or monopolistic or oligopolistic conditions persist, or for the provision of certain goods such as public goods, the pressure of the competitive process is reduced.

Consumer sovereignty

sovereign customer,
The former case is known as a seller's market; the latter is known as a buyer's market or consumer sovereignty.

Market power

pricing powerprice takerprice takers
In any given market, the power structure will either be in favor of sellers or in favor of buyers.

The Wealth of Nations

Wealth of NationsAn Inquiry into the Nature and Causes of the Wealth of NationsAdam Smith
In his 1776 The Wealth of Nations, Adam Smith described it as the exercise of allocating productive resources to their most highly valued uses and encouraging efficiency, an explanation that quickly found support among liberal economists opposing the monopolistic practices of mercantilism, the dominant economic philosophy of the time.

Adam Smith

SmithA SmithAdam Smith’s
In his 1776 The Wealth of Nations, Adam Smith described it as the exercise of allocating productive resources to their most highly valued uses and encouraging efficiency, an explanation that quickly found support among liberal economists opposing the monopolistic practices of mercantilism, the dominant economic philosophy of the time.

Resource

resourceslimited resourceassets
In his 1776 The Wealth of Nations, Adam Smith described it as the exercise of allocating productive resources to their most highly valued uses and encouraging efficiency, an explanation that quickly found support among liberal economists opposing the monopolistic practices of mercantilism, the dominant economic philosophy of the time.

Mercantilism

mercantilistmercantilemercantilists
In his 1776 The Wealth of Nations, Adam Smith described it as the exercise of allocating productive resources to their most highly valued uses and encouraging efficiency, an explanation that quickly found support among liberal economists opposing the monopolistic practices of mercantilism, the dominant economic philosophy of the time.

Classical economics

classical economistsclassicalclassical economist
Smith and other classical economists before Cournot were referring to price and non-price rivalry among producers to sell their goods on best terms by bidding of buyers, not necessarily to a large number of sellers nor to a market in final equilibrium.

Antoine Augustin Cournot

CournotAugustin CournotAntoine Augustine Cournot
Smith and other classical economists before Cournot were referring to price and non-price rivalry among producers to sell their goods on best terms by bidding of buyers, not necessarily to a large number of sellers nor to a market in final equilibrium.