Company Competitors

Economics textbooks often state that the advantages of competition in the marketplace is the development of new and innovative products that attempt to become monopolies. This may be short lived because other companies will see the success of the product an attempt to copy it. There is then a period of attempting to produce the product cheaper than each other.
This is the competitive process it means that the consumer gets the product at the cheapest price, and also gets new and innovative products as existing products are updated or redesigned. Competitors within the marketplace are therefore seen as important and every effort is made to ensure that companies are open two competitive pressure and that knew companies may enter the market. There are some restrictions of course, for example, if a company develops a radically new product it may be given protection to legally exploit that product through patent protection.
This video will touch upon ideas such as these and lay the foundation for a much deeper subsequent discussion on the course.