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Competition or Bust The world in which we live is a extremely competitive environment It is nothing less than a doggy-dog world where only the strong survive It was become a fast-paced ruthless business environment Those who cannot cut it can pack up their bags and find a job shining shoes on the streets However we strive in our economy for this competition Competition although vicious at times has many positive effects on our economy in a whole The most important benefit of a competitive environment is the creation of incentive for change Since firms are in competition to sell their products or services they must continuously keep a competitive advantage over the market In order to do this they must constantly react to meet the improvements made by other companies in their products and services For instance Nintendo when it first started was very profitable for a while selling its game player but when Sony came out with a 32-bit player which intern took allot of the business away from Nintendo So as a reaction of Sonys new player Nintendo created a 64-bit version that was even better in all aspects of Sonys play station It is a continuous cycle to make companies products better than the other Without competition what incentive would there be Atari might still be the number one game player because there is no one else to come up with a better idea in that product line Competition forces people to learn more and be more creative with there knowledge Most of the technology that we have created in the last century has been form companies trying to out do each others product line Another very important aspect of a competitive market is the affect on price Prices are lowered in this environment A firm has to be competitive with the prices of other close substitutes If a Coke was two
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