In economics, competition is the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion. Merriam-Webster defines competition in business as "the effort of... MORE
In economics, competition is the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion. Merriam-Webster defines competition in business as "the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms." It was described by Adam Smith in The Wealth of Nations and later economists as allocating productive resources to their most highly-valued uses and encouraging efficiency. Smith and other classical economists before Cournot were referring to price and non-price rivalry among producers to sell their goods on best terms by bidding of buyers, not necessarily to a large number of sellers nor to a market in final equilibrium. Later microeconomic theory distinguished between perfect competition and imperfect competition, concluding that no system of resource allocation is more Pareto efficient than perfect competition. Competition, according to the theory, causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products. The greater selection typically causes lower prices for the products, compared to what the price would be if there was no competition or little competition. LESS
**THE COMPETITION ELEMENT OF THIS REVIEW IS NOW CLOSED, CHECK BACK ON THE CHANNEL LATER FOR THE WINNER ANNOUNCEMENT** Geekanoids August 2010 Competition & Macally TunePal Pro Review. In this video I review the Macally TunePal Pro, a handsfree kit with remote control for the Apple iPhone. Then give you the chance to get your hands on one too ! The Giveaway Rules: This is open to anyone, any age, any country. To enter, simply comment on this video. General discussion on this product and handsfree or wireless headsets. You may comment up to twice per day. No swearing, keep it clean. Closing date: The competition closes on 31st August 2010 at midnight (GMT). Comments are welcome after this date, but will not be included in the giveaway. I will then randomly select a winner from all the comments using a website number generator. Useful Links Supplied by: www.macally.com Sponsor: www.eazydraw.com YouTube Channel: www.youtube.com Website: www.geekanoids.co.uk Twitter: www.twitter.com
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