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Since the free enterprise system guarantees that there will be competition in business what benefit does competition have for consumers?
Wiki User
∙ 14y ago
Competition forces businesses to produce goods at a price people can afford-----(novanet)
Wiki User
∙ 14y ago
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Why does the federal government attempt to preserve competition among business enterprise?
competition law!
How do consumers benefits from competition among business?
competition leads to lower prices
What freedoms do business owners and consumers have in a free enterprise system?
Both of them are free to start a new business
Which cabinet department ensures the healthy competition of business in your free enterprise system?
Justice
Which cabinet department ensures the healthy competition of business in our free enterprise system?
Justice
Why does the federal government attempt to preserve competition among business enterprise?
competition law!
How do consumers benefits from competition among business?
competition leads to lower prices
What freedoms do business and consumers have in a free enterprise system?
Both of them are free to start a new business
What freedoms do business owners and consumers have in a free enterprise system?
Both of them are free to start a new business
Which cabinet department ensures the healthy competition of business in your free enterprise system?
Justice
Which cabinet department ensures the healthy competition of business in our free enterprise system?
Justice
Why is competition a basic premise of the free-enterprise system?
having more than one business competing for the same consumers will cause the products and/or services to be provided at a better quality and a lower cost than if there were no competitors.
Function of business?
A function of business is to sell consumers goods and services. Another function of business is to promote competition in the workforce.
When businesses seek to attract consumers dollars away from rival business is called?
competition
Why is competition in business considered to be good?
Competition in business is considered to be good particularly to keep the business current with its prices and quality of workmanship. Business know that consumers are smart and will shop around for the best of both price and workmanship.
What is the key role in a free enterprise economy?
There is no one key role; a functional free enterprise economy depends on business owners, workers and consumers having equal power, and on government regulation.
Why did some people believe that lack of competition would hurt consumers?
Theoretically, competition keeps prices low because various firms vie for the business of consumers. When they compete, they attempt to win a larger market share by lowering prices. Therefore, if competition is lacking, prices will increase. Take a monopoly for example. No competition means they can set really high prices.
