Competition

Definition of Competition

In the field of economics, competition is an act where every seller tries to achieve what other sellers are trying to accomplish at the same time. Sellers try to meet goals like increasing profits, sales volume, and market share depending on the elements of the marketing mix: price, product, promotion and distribution. Competition acts as a regulator in the chain of demand and supply.

Books on Competition

Book 1 –

Competition Policy and the Economic Approach: Foundations and Limitations Edited by Josef Drexl, Wolfgang Kerber, Rupprecht Podszun (published by Edward Elgar Publishing, 2011)

Book 2 –

Perfect Competition and the Transformation of Economics By Frank Machovec (published by Routledge, 2002)

How Competition works?

Competition is the practice which gains benefits for the whole country, even through promoting consumer sovereignty.

• Example, let’s assume that a family has $20,000, and they may choose to spend it on many different ways on many different items, which can be seen as competing with each other for the family’s available money.

• A contest between sales representatives would be an ideal example of competition. The sales representative with the highest sales over a period of time would gain benefits from the employer.

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