This video teaches the concept of Competition and Market Structures. In the context of markets, competition refers to the situation when producers would each like to sell their goods or services to the same customers. The great benefit of competition is that when producers compete, they must seek to entice the consumer with a lower price or more desirable quality. Thus, competition creates incentives to find ways to produce at lower cost, to invent desirable variations on existing products and to discover new products.
Grades Higher Education, 6-8, 9-12