COMPETITIVE SYSTEM Meaning and
Definition
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A competitive system refers to an economic or business environment where multiple firms or entities vie against each other to attract customers, secure market share, and maximize profits. It is characterized by fierce rivalry, with each participant endeavoring to outperform others in terms of quality, price, innovation, and customer satisfaction in order to gain a competitive advantage.
In a competitive system, market forces play a pivotal role in shaping the behavior and outcomes of firms. Supply and demand dynamics govern the prices of goods and services, and consumers have the freedom to choose from a wide range of offerings. As a result, companies are motivated to constantly improve and develop their products and services to attract and retain customers.
Competition within a system is often driven by factors such as market demand, technological advancements, and regulatory frameworks. Intense competition can lead to efficiency gains, increased productivity, and innovation as firms strive to differentiate themselves and surpass their rivals. However, it can also create barriers to entry, limit market access for new players, and potentially foster unethical practices.
Governments and regulatory bodies play a critical role in maintaining a competitive system through the enforcement of antitrust laws, which prevent anti-competitive behavior, cartel formation, and monopolistic practices. Such interventions aim to preserve fair competition, promote consumer welfare, and prevent the concentration of power in a few dominant players.
Overall, a competitive system fosters a dynamic and evolving business landscape, stimulating economic growth and benefiting both consumers and society at large.
Common Misspellings for COMPETITIVE SYSTEM
- xompetitive system
- vompetitive system
- fompetitive system
- dompetitive system
- cimpetitive system
- ckmpetitive system
- clmpetitive system
- cpmpetitive system
- c0mpetitive system
- c9mpetitive system
- conpetitive system
- cokpetitive system
- cojpetitive system
- comoetitive system
- comletitive system
- com-etitive system
- com0etitive system
- compwtitive system
- compstitive system
- compdtitive system
Etymology of COMPETITIVE SYSTEM
The word "competitive" originated from the Latin word "competere", which means "to strive or contend together". It came into English in the early 17th century with the meaning of "having a strong desire to succeed or outperform others".
The term "system" has its roots in the Latin word "systema", which means a combination of things or principles forming a complex whole. It entered the English language in the 17th century as a noun denoting an organized or interconnected set of principles, procedures, or elements.
Therefore, the etymology of the phrase "competitive system" is a combination of the Latin words "competere" and "systema", emphasizing a well-organized and interconnected structure that involves striving, contending, or competing with others.
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