WORLD HISTORY

Detailed explanation-1: -Competition pushes you to improve your business, hire more people, improve the quality of your products and services. Who knows, you might be able to come out with something that changes your business forever-all because of the competition.

Detailed explanation-2: -Basic economic theory demonstrates that when firms have to compete for customers, it leads to lower prices, higher quality goods and services, greater variety, and more innovation.

Detailed explanation-3: -Aside from preparing them for wins and losses later in their adult life, competitive activities help kids develop important skills like resilience, perseverance, and tenacity. 2 They also learn how to take turns, encourage others, and develop empathy.

Detailed explanation-4: -Business competition is the contest between organizations that provide similar products or services or that target the same audience of consumers. Businesses compete to convert and retain customers, increase revenue and gain more market share.

Detailed explanation-5: -Economists have identified four types of competition-perfect competition, monopolistic competition, oligopoly, and monopoly.

Detailed explanation-6: -Direct Competitors. A direct competitor is a business that provides the same or similar services as yours and/or targets the same customers as your business. Indirect Competitors. Replacement Competitors.