...It seems that where people are, there is bound to be competition. The question is, is competition beneficial toward us? Does competition always bring out the best in people? Although competition does push us to excel, it does not always promise such beneficial results. Competition can be seen in students going through education. It can be seen in sports between teams or between a few people. Competition is almost always seen between companies. Competition is everywhere. It can be harmful but it can also be quite beneficial. The best example one can take is exams. Competition enhances the standards of each person. We look at those who have got higher marks and aim to beat that mark. It brings out the best in students and pushes them to do even better. However it can also discourage people. When someone just cannot cope with the competition and finds themselves failing all the time, he may lose hope in his self causing him to give up altogether. Different people have their own limits of competition. Some people thrive on the competition. It brings out their best potential and they do well even in extreme competitive situations. Why, we regularly call these people, “competitive people”? Some people just cannot deal with any competition at all and it may affect them badly and they may become de-motivated. It all depends on the level of competition each person’s personality can handle. Nowadays, it is a growing trend for teachers to conduct their classes in a competitive...
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...3.Are beauty competitions a good or a bad thing? Destroying ourselves with beauty Sure you could say that beauty pageants are good by boosting self esteem but think of all the thing that the women do to get their bodies to look like that. Its revolting to see anorexic people who force themselves not to eat when they weigh less than 90 pounds saying "i'm so fat". It's sad to see people forcing eating disorders on themselves to look better. It's just not healthy. The Good and the Bad- #1 First things first, the process through which you become fit and worthy enough to enter a pageant is an absolutely rigorous one and teaches you a lot. As the contestants progress towards the pageant and the crown, the whole experience is mesmerizing and can be life changing. On the other hand, it is hard work and leave alone the physical demands, such a contest takes a toil on your mental state as well. That can be worse than the physical stress. The Good and the Bad- #2 Presenting yourself flawlessly and gracefully in front of the others, is a fantastic booster for your self-confidence. Furthermore, looking good, is another asset and habit you get into through such a contest. Well, a disadvantage is that you might start becoming too superficial and may give importance only to outer appearance rather than sensing the deeper meanings of things. The Good and the Bad- #3 A beauty pageant is not just about being rewarding for you as a person, but it is rewarding in the materialistic sense as...
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...that wanted to enter the market. The level of competition exerts significant influence over the type of market structure that emerges and leads to what payoffs, if any, would result from entering that market. This paper will go into detail on the many distinctions between the different market structures, the obstacles to entering these markets, and how each type of structure maximizes profits. Markets are broken down into a few various categories. These categories are perfect competition, monopolies, monopolistic competition and oligopolies. An economist, citing economic theory, may express a preference to one type of structure based on the outcomes they can yield. The structure of each structure type is based on the traits of its business types. The attributes a business will display changes with the number of companies in that particular market. Management of prices, product types and entry barriers for new companies and market competition that do not depend on price are the attributes of a market. The capacity to control the prices of a company’s goods is price management. This is a critical element in market structure. Any company that can enjoy the benefits of a monopoly structure has ultimate price control for its goods. Those in a perfect competition have no control over their prices since they are controlled by competition and the consumer. Oligopolies and those companies in monopolistic competition have some control over their prices. Market...
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...the number of firms that are competing in a particular market; along with the ways in which the companies within these markets are alike or different and the barriers to entry that exist for these given market. The level of rivalry or competition also plays a powerful role in what kind of structure emerges in a given market. This paper will focus on competitive markets, monopolies, and oligopolies by detailing the distinctions between them such as how is price and output is determined to maximize profit, analyzing their barriers to entry: and what role each market structure plays in the economy. Price control is different in each market structure and is essential to know for maximizing profits. A company ability to control the price of its goods and services is called price management. Businesses that operate in a perfect competition market structure have no control over the price of their goods and services. Companies that have the ability to control the price of the products or services are companies that have the benefit of operating under a market structure called monopoly. Organizations that run under an oligopoly enjoy the same control over price as monopolistic competition or monopoly market structure. The reason why prefect competition does not enable a business to have control over its prices is because in this kind of market structure, there are many business selling similar products and services, with few differences. If one business want to raise its price, that...
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...Perfect Competition Perfect competition is a problem that is emerging in a market in which buyers and sellers are informed about all elements of monopoly that are absent and the market price of a commodity is not control by individual buyers and sellers. Perfect competition is simply looked as a market structure where competition is at its greatest possible level. According to Kirzner (2000), “Perfect competition therefore came to mean the situation in markets where each and every participant lacks any power whatever directly to influence product price or product quality”. Perfect competition is used to compare other and real-life market structures. A real life market structure such as agriculture is the industry that closely resembles a perfect competition. The four key characteristics of perfect competition are a large number of small firms, identical products sold by all firms, perfect resource mobility or the freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. These four characteristics basically describes that a perfectly competitive firm does not have any control over the market. A large number of small firms that produce identical products have a large number of perfect substitutes that exist for the output produced by any given firm. This means the demand curve for a perfectly competitive firm's output is perfectly elastic. Freedom of entry into and exit out of the industry means that capital and other resources are perfectly...
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...Versus: Competition is a Child’s Best Competitor Life is not fair. One of the most overused phrases still to this day. That phrase is overused for a reason. Life really is not fair. During early adolescence we are taught to share your things, be fair, and that everyone is equal. How nice this American society would be if those virtues of being equal were true, but sadly it is not. As someone’s cognitive abilities develop and they start to assess their abilities, they automatically compare them to others, sometimes not even on purpose. As we grow up we learn that this society is a “dog-eat-dog” world, and if people do not possess the necessary skills and characteristics that one needs to get ahead or be on top, other people who are equipped with those essential skills will not even think twice about surpassing those who are lacking. By the time some people realize that America is dog-eat-dog society, they haven’t been prepared to handle competition correctly. The mere thought of a little competition scares the hell out of most people. That first loss that is handed to them during adolescence where their winning classmate throws up the “L” shape on their forehead and yells out “loser!” is almost unbearable. They completely bomb that group interview and are outshined by others in the same room where they have to openly compete for a spot in a company. Almost your entire life you have to compete either with yourself or others. Competition is very beneficial for adolescents and...
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...‘‘I Think Competition is Better Than You Do: Does It Make Me Happier?’’ Evidence from the World Value Surveys Juan Jose´ Barrios 1 Introduction 1.1 The Issue Mainstream Economic theory and most Professional Economists postulate that competition drives the forces of development and improves economic well-being. To the extent that happiness is a measure of well-being,1 then competition and happiness should be positively associated. First, competition creates positive incentives for producers to boost technological progress, improve efficiency and optimize resource allocation, thus improving social welfare. Additionally, competition should improve consumers’ wellbeing by putting downward pressure on prices because consumers, for equal quality, should have more opportunities to buy cheaper products, kicking inefficient suppliers out of the market.2 Non-competitive structures, such as oligopoly, may not survive due to the incentives to free ride supply agreements (e.g. cartels). On the other hand, Monopolists, who charge higher prices and produce less than the optimal quantity of product, are threatened by governments when the latter show credible intentions to approve laws to deregulate and liberalize production and factor markets. When governments pass laws to foster competition, they may create the appropriate environments leading to economic growth and development. These considerations suggest that institutional environments aiming at creating more competitive...
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...11 General Equilibrium and the Efficiency of Perfect Competition Prepared by: Fernando Quijano and Yvonn Quijano General Equilibrium and the Efficiency © 2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair © 2004 Prentice Hall Business Publishing C H A P T E R 11: Perfect Competition • Input and output markets cannot be considered separately or as if they operated independently. Principles of Economics, 7/e Karl Case, Ray Fair 2 of 33 General Equilibrium and the Efficiency • Partial equilibrium analysisis the process of examining the equilibrium conditions in individual markets and for households and firms separately. • General equilibrium is the condition that exists when all markets in an economy are in simultaneous equilibrium. General Equilibrium and the Efficiency General Equilibrium and the Efficiency of Perfect Competition General Equilibrium and the Efficiency of Perfect Competition • In judging the performance of an economic system, two criteria used are efficiency and equity (fairness). • Efficiency is the condition in which the economy is producing what people want at the least possible cost. of C H A P T E R 11: Perfect Competition © 2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 3 of 33 © 2004 Prentice Hall Business Publishing C H A P T E R 11: Perfect Competition of Principles of Economics, 7/e Karl Case, Ray...
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...we will describe the following terms: 1. Market definition. 2. Structure of the market. 3. Perfect competition 4. Imperfect competition. MARKET DEFINITION: When we go to define the term o market we can say that it is the convergence of views between the seller and buyer, and divided the market into three big markets: the commercial market, market default and markets in the world economy, which is itself subdivided into markets other, and in terms of destination and economic concept, I mean any groups of people bound together by nothing specific commodity and any place characterized by the swap on a commercial scale. The market divides into different categories according to the purposes for which they performed , in terms of continuity may be permanent as a market securities, or temporary as markets villages and exhibitions , and in terms of breadth may be local as markets cities, or universal as a market of sugar, and in terms of the types of goods traded divided markets divisions of various for each commodity or group of commodities market , and the real estate markets , and foreign exchange markets , and markets for agricultural crops such as wheat , rice , and markets industrial products such as solid , and other machinery . In terms of the purpose of the use of commodity to market goods production and the consumer goods, and in terms of the quantities traded in the market to the...
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...Competition Bikes Inc. Summary Report 2014 Here is the Horizontal Analysis for years 6 and 7 for Competition Bikes Inc. Income Statement Sales Revenue: Net sales for Competition Bikes Inc. increase from $4,485,000 to $5,980,000, which was an increase of 33.3% for the year. This is a strength for the company since it shows that the demand for Competitions Bike’s product has increase over the year. This figure should also make stockholders very happy since the money the company makes helps determine the stock price. In this case it was a positive increase so it’s stock price should reflect a positive increase as well. Cost of Goods Sold: Cost of Goods Sold (COGS) increased from $3,294,000 to $4,342,000, which was an increase of 31.8% for the year. The increase in COGS is not necessarily a bad thing (strength) for Competition bikes. The COGS should be in tandem with sales revenue since more products sold mean more goods to be produced. In this case the increase of COGS was slightly below the 33.3% increase in sales revenue which shows that some efficiency’s were made in the company. Gross Profits: Gross Profits showed an increase of $447,000 ($1,638,000 - $1,191,000) which is to be expected since net sales increased for the year. With an increase in efficiency (as mentioned in COGS) this figure should be increase as well. Having a increase in Gross Profit also states that Competitions Bike's product is selling very well and/or they have limited availability...
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...The morality of Competition Summary about competition often take the form of: Is competition good or bad? This is indeed the way the main contemporary researchers deal with the problem. Is competition good? They answer: No. Is it bad? Yes, in every way, bad psychologically, developmentally, physically, socially, educationally, and productively. But is this really the case? Surely competition is sometimes bad, but is it always bad, or always as bad as it sometimes is? Consider the following vignette: Jane and Tom lived in a small town. Married with five children, Tom was a carpenter and Jane a homemaker. When Tom lost his job and couldn't find another, Jane offered to go to work to make ends meet. Tom felt threatened. At that time, the carpenter's union was under a federal court mandate and offered an apprenticeship program to women. Jane decided to sign up. After some initial adjustment, and with the encouragement of a woman instructor who had pioneered the entrance of women into the trades, she learned quickly and in a couple of years became a master carpenter, a higher skill level than her husband's. Jane felt guilty about making her husband look bad. But she also knew that without her help her family would have nothing but temporary unemployment insurance to live on. She was also proud of her accomplishment. She became angry when she thought that her husband had for so long belittled her, and enjoyed now demonstrating to him that she could work as...
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...always thought that competition is an excellent way to motivate kids. Many times, I made contests in the class, competitions, etc. I always found it that extra bit more fun when I was a student, if I had to compete against some other students.Recently, however, I find that competition is not for everyone. Most students really enjoy the sense of play, the sense of fun in beating or trying to beat their opponent in a silly competition, but for some kids competition evokes the exact opposite effect. Some students just shut down - they don't see the point of playing when they have no chance of winning. I decided to make a list of things I think are good and bad (my pros and cons) about competition in the class. And then accordingly, I would decide whether it's a good idea for a given situation or not such a great plan for the lesson. Pros: 1. Most kids really enjoy the "game" aspect of a competition. Fun = good for learning. 2. This is a great way to get the students to actively participate in the class. They get really involved, and just from the involvement they learn more than they would have by sitting and just passively listening. 3. Great for the bright and fast kids. If they're usually on the border of boredom, a game / competition will get them motivated to start thinking again. 4. Lets students have a sense of success. 5. If done in groups, can really develope comradeship with the other team members. 6. Some students work best under pressure. Competition is the perfect...
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...in the world. There are two departments that Kroger supermarkets, the bakeries and meat and seafood. History of Kroger “In the 1900s grocery stores bought their bread from an independent individual, but Barney Kroger has, come up with the idea to put the all of the main ingredients together to be able to make a profit” (thekrogerco.com). He decided that if he was to bake his own bread he would be able to decrease the price, so that the consumers would be able to afford and still make a profit. In the year of 1901 Kroger was the first grocery store to have their own bakery, and also was the first to be able to sell meat and groceries all in the same building. He even cook his own can goods. “Kroger operates 37 food processing facilities that make thousands of products that range from bread, cookies, and milk to...
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...Market failure is caused by the market failing to provide the type or quantity of goods and services wanted by consumers. This means that resources have not been allocated efficiently. This could be because of four factors: imperfect competition, external costs and external benefits are ignored (externalities), public goods are not provided, or merit goods are not provided in sufficient quantity. Imperfect competition From a business’s point of view competition is bad as it drives down the price of the product they are trying to sell but for the economy as a whole it is a positive thing as many customers are having their wants and needs met. Imperfect competition can cause market failure through monopoly, a monopoly is a singular supplier of a product which can lead to exorbitant pricing or inferior products as consumers have no other options. Another cause of imperfect competition is an oligopoly which is very few dominant suppliers providing a product giving one supplier the opportunity to drive up the price allowing the other suppliers the freedom to do the same. An oligopoly also increases frequency of cartels. A cartel is a mutual agreement between suppliers and possibly producers to keep prices at a set price leaving consumers with no option to shop around for a better price. Externalities An externality is something that is a by-product or consumption which affects a third party externally. Externalities can be positive or negative. Positive externalities have...
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...respect to its competition. There exist several different market structures like perfect competition, oligopoly, and monopolies among others. These markets all produce different types of goods or services, as public and private goods as well as everyday and collective goods. Firms operating in these different market structures utilize the labor market in very different ways because of very divergent uses of energy in each market structure, so it is important for a firm to use the labor market equilibrium principles to their advantage to efficiently cover the costs of production and maximize profits. In economics a good is something defined as any object, service or right that increases utility, directly or indirectly. Goods are further broken down into public and private goods. A public good is a good that can be used simultaneously by many users, which is called non-rival, and people who have not paid for the good cannot be excluded from its utility, which in economics is call non-excludable. Together this means that the consumption of a public good by an individual does not affect the availability of that good to anyone else, which is called being non-rival and non-excludable. It’s obvious to see, however, that a truly non-rival and non-excludable good can’t exist; economists just look at the goods that come close to the definition of a public good. A private good is the opposite and so it is considered to be excludable and rivalrous. This means that the good can be refused...
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