Difference between revisions of "Competition"
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| − | '''Competition''' is the | + | '''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. | + | As an [[economic]] term, competition refers to the rivalry between firms to sell the [[goods]] or services they provide. Economists generally classify different levels of economic competition by the following models: [[perfect competition]], [[perfectly contestable market]], [[monopolistic competition]], [[oligopoly]], [[cartel]] and [[monopoly]]. |
[[Category:Economics]] | [[Category:Economics]] | ||
Revision as of 19:44, October 31, 2008
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 classify different levels of economic competition by the following models: perfect competition, perfectly contestable market, monopolistic competition, oligopoly, cartel and monopoly.