COMPETITION

DEFINITION

• Contest between individuals or groups for location, territory, resources, money, or leadership

BENEFITS

• We get resources for a better price and better quality

EXAMPLES

• Apple vs android
• Nike vs Adidas
• American cars vs European cars vs Japanese cars
• Walmart vs target

TYPES OF COMPETITION

• Territory
• Location
• Resources
• Goods
• Prestige
• Recognition
• Awards
• Leadership

WITHOUT COMPETITION

• Prices would be higher
• Limited amount

ANTITRUST LAW

• Makes agreements between business illegal