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Competition plays a crucial role in a free market. It encourages innovation, leads to better products and services, and can result in lower prices for consumers. It also helps to prevent monopolies and promotes a wider variety of choices for consumers. In a competitive market, businesses strive to gain an edge over their rivals and this often leads to improvements in efficiency and quality.
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When any government is too involved in the free market, it becomes not so free. The government is already the taxer of the income of corporations and its individual citizens. Additionally, if they become allowed to control how businesses make their money, as well, then that would be called communism. This type of system does not work because it is not progressive enough for a growing economy. The market must be competitive for it to thrive and meet the supply of demand. But some argue that it is an unfair system, rigged only for the few to survive.
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Economics can be intimidating to the person who is not well-versed in business and mathematics. This book caters to the “layman” by breaking down the ...
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