Question

In economics courses, students learn that there is value in competition in markets and that competition should be encouraged. In some business courses, students learn strategies for reducing competition. What accounts for the difference in the view of competition in these two areas of study?

Answer 1

Competition is viewed differently in economics and business due to the different perspectives and objectives of the disciplines.

Step-by-step explanation:

Competition is viewed differently in economics courses compared to some business courses due to the different perspectives and objectives of the disciplines.

In economics, competition is seen as beneficial because it promotes efficiency, innovation, and lower prices for consumers. It encourages businesses to constantly strive to improve their products and services in order to attract customers.

On the other hand, in some business courses, strategies for reducing competition may be discussed because businesses often seek to gain a competitive advantage and increase their market share. This can involve practices such as product differentiation, branding, and mergers and acquisitions.