economic competition

Economic competition refers to the rivalry between businesses to attract customers and increase market share. Companies compete by offering better prices, higher quality products, or superior services. This competition drives innovation, improves efficiency, and can lead to lower prices for consumers. It exists in various markets, from local shops to global corporations. Healthy competition encourages businesses to improve and adapt, ultimately benefiting consumers and the economy as a whole. However, excessive competition can also lead to negative outcomes, such as monopolies or unfair practices, which can harm consumers and the market.