How Do You Spell ECONOMIC COMPETITION?

Pronunciation: [ˌiːkənˈɒmɪk kˌɒmpətˈɪʃən] (IPA)

The spelling of "Economic Competition" can be explained using IPA phonetic transcription. The first word, "economic," is pronounced /ˌiːkəˈnɒmɪk/. The stress falls on the second syllable, "ko," and the final syllable, "ic," is pronounced with a soft "k" sound followed by an "ih" vowel and a "k" sound again. The second word, "competition," is pronounced /ˌkɒmpəˈtɪʃən/. The stress falls on the second syllable, "pe," and the final syllable, "tion," is pronounced with a "sh" sound followed by an "uh" vowel and a "n" sound.

ECONOMIC COMPETITION Meaning and Definition

1. Economic competition refers to the rivalry and struggle that takes place between individuals, companies, or nations as they seek to gain a larger share of limited resources, market share, or profits in a particular market or industry. It is an essential aspect of a free-market economy and is driven by the principles of supply and demand.

   In economic competition, entities compete by offering better products, services, or prices to attract customers and increase their market share. This competition encourages innovation, efficiency, and cost reduction as firms continually strive to outperform their competitors. It also empowers consumers by providing them with a wide variety of options to choose from and helps drive down prices.

   Economic competition can occur at various levels, ranging from local markets to global industries. It involves factors such as pricing strategies, product differentiation, quality, customer service, advertising, and branding. Competing entities may also engage in aggressive marketing tactics, partnerships, mergers, or acquisitions to gain a strategic advantage.

   Governments often regulate economic competition to ensure fair practices, prevent monopolies, and protect consumers from anti-competitive behavior. Such regulations may include antitrust laws, intellectual property rights, consumer protection measures, and restrictions on market manipulation.

   Overall, economic competition plays a vital role in promoting efficiency, driving innovation, and benefiting consumers by creating a dynamic and thriving market environment.

Common Misspellings for ECONOMIC COMPETITION

• wconomic competition
• sconomic competition
• dconomic competition
• rconomic competition
• 4conomic competition
• 3conomic competition
• exonomic competition
• evonomic competition
• efonomic competition
• edonomic competition
• ecinomic competition
• ecknomic competition
• eclnomic competition
• ecpnomic competition
• ec0nomic competition
• ec9nomic competition
• ecobomic competition
• ecomomic competition
• ecojomic competition
• ecohomic competition

Etymology of ECONOMIC COMPETITION

The word "economic" comes from the Latin word "oeconomicus" which means "pertaining to the management of a household". It evolved from the Greek word "oikonomikos" which has a similar meaning. The term "competition" has its roots in the Latin word "competere" which means "strive together" or "to meet".

When combined, "economic competition" refers to the rivalry or contest between individuals, companies, or nations within the economic sphere. It involves competing for market share, resources, customers, or profits.