Difference between revisions of "Competition"
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(Clarified last statement - cartels are not technically a type of market structure, but rather a phenomenon that arises under oligopoly) |
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'''Competition''' is the effort of multiple independent parties working against one another to achieve a goal. | '''Competition''' is the effort of multiple independent parties working against one another to achieve a goal. | ||
| − | As an [[economic]] term, competition refers to the rivalry between firms to sell the [[goods]] or services they provide. Economists generally | + | As an [[economic]] term, competition refers to the rivalry between firms to sell the [[goods]] or services they provide. Economists generally consider the level of competition in an industry to be intrinsically related to that industry's [[market structure]]. |
[[Category:Economics]] | [[Category:Economics]] | ||
Revision as of 21:38, May 30, 2009
Competition is the effort of multiple independent parties working against one another to achieve a goal.
As an economic term, competition refers to the rivalry between firms to sell the goods or services they provide. Economists generally consider the level of competition in an industry to be intrinsically related to that industry's market structure.