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what is competition in markets?
rivalry existing between firms when trying to sell goods to customers (usually to the same group)
what are barriers to entry?
obstacles preventing a firm to enter a market
whats innovation in markets?
creation of a new product ; includes new methods (advanced and original)
whats product differentiation?
developing products with a hint of change so you can distinguish it from rivals!
adv and disadv of competition and consumers?
adv | disadv |
|---|---|
low prices, more choice, better quality | disruption in markets, lack of innovation |
new products = better economy | resource wasted = :( |
