How Competition Works - Consumer Information

FTC Fact Sheet: How Competition Works C ompetition in the marketplace is good for consumers and good for business. Competition from many different companies For example, your aunt or grandmother probably grew up listening to music played on a bulky cassette or CD player. They might and individuals through free enterprise even remember vinyl records or eight-track and open markets is the basis of the tapes! Innovation made those players obsolete. economy. When firms compete with each Now people maybe even your parents are other, consumers get the best possible downloading music from the Internet onto prices, quantity, and quality of goods and small digital audio players.

One important benefit of competition is a boost to innovation. Competition among companies can spur the invention of new or better products, or more efficient processes. Firms may race to be the first to market a new or different technology. Innovation also benefits consumers with new and better products, helps drive economic growth and

Loading..

Tags:

  Information, Consumer, Competition, Consumer information, Of competition

Information

Related search queries