ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Competition in business is the contest or rivalry among the companies selling similar products and/or targeting the same target audience to get more sales, increase revenue, and gain more market share as compared to others.

Detailed explanation-2: -Competition Rivalry among sellers to sell (supply) goods and services, or among buyers to buy (acquire) a service or good. Consumers/Consumption. People whose wants are satisfied by using goods and services/using goods and services. Cost-Benefit Analysis.

Detailed explanation-3: -Consumers are defined as individuals or businesses that consume or use goods and services. Customers are the purchasers within the economy that buy goods and services, and they can exist as consumers or alone as customers.

Detailed explanation-4: -The role of a business is to produce and distribute goods and services to satisfy a public need or demand. According to Business News Daily corporate social responsibility (CSR) is “a business practice that involves participating in initiatives that benefit a society.”

Detailed explanation-5: -Capital goods, unlike consumer goods, are used to produce other goods. Capital goods don’t go straight into the manufacturing of other goods. Those goods are called “raw materials.” Instead, capital goods are part of the process of making other goods or providing services.