ECONOMICS
ECONOMIC SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Investment
|
|
|
Capitalism
|
|
|
Free Enterprise
|
|
|
Competition
|
Detailed explanation-1: -There are three main types of sustainable competitive advantage: differentiation, cost leadership, and focus advantage.
Detailed explanation-2: -Competition in America is about price, selection, and service. it benefits consumers by keeping prices low and the quality and choice of goods and services high. Competition makes our economy work. By enforcing antitrust laws, the Federal trade Commission helps to ensure that our markets are open and free.
Detailed explanation-3: -What is Competitive Rivalry? Competitive rivalry is a measure of the extent of competition among existing firms. Intense rivalry can limit profits and lead to competitive moves, including price cutting, increased advertising expenditures, or spending on service/product improvements and innovation.
Detailed explanation-4: -Low cost – where an organization is able to produce its products at a lower cost than its competitors. Differentiation – where an organization is able to differentiate its products or service in terms of quality, style, customer service, etc. 05-Jan-2023