How Do You Spell WORKABLE COMPETITION?

Pronunciation: [wˈɜːkəbə͡l kˌɒmpətˈɪʃən] (IPA)

Workable competition is a term used in economics to describe a market structure that is conducive to competition. The spelling of the word "workable" is pronounced as /ˈwɜːrkəbəl/ in IPA phonetic transcription. The stress is on the first syllable "werk." The spelling of the word "competition" is pronounced as /kɒmpəˈtɪʃən/ in IPA phonetic transcription. The stress is on the second syllable "ti." Workable competition is important in promoting innovation, efficiency, and consumer welfare in markets. It refers to a market structure that is not dominated by a single player or cartel but is instead characterized by a sufficient number of firms competing on price, quality, and service.

WORKABLE COMPETITION Meaning and Definition

1. Workable competition refers to a market condition characterized by a sufficient number of firms operating within an industry, resulting in rivalry and the absence of monopoly power. It is a state where firms have an opportunity to compete on a level playing field, allowing the market to function efficiently and benefit consumers.

   In a workable competition, no single firm holds dominant control over the market, ensuring that no entity has the ability to dictate prices or restrict output. Instead, multiple firms exist, each having a proportionate share of the market, and are motivated to enhance their competitive position through differentiation, innovation, and quality improvement.

   A key aspect of workable competition is the presence of low entry and exit barriers. This encourages new firms to enter the market, as they are not unduly restricted by high capital requirements or government regulations. Additionally, firms that fail to meet consumer demands or operate inefficiently can exit the market without significant obstacles, allowing for a dynamic and flexible market environment.

   Another critical factor in workable competition is sufficient information transparency, ensuring that consumers have access to accurate and complete information about products, services, and prices. This allows customers to make informed decisions and fosters greater competition among firms.

   Overall, workable competition promotes efficiency, innovation, and consumer welfare. It encourages firms to continuously improve and offer better products and services, while allowing consumers to benefit from competitive prices and choices. By limiting the market power of individual firms, workable competition encourages a healthy and competitive marketplace that benefits all stakeholders involved.

Etymology of WORKABLE COMPETITION

The term "workable competition" originated in economics and public policy. It is used to describe a market condition where competition is present and sufficiently effective to ensure optimal outcomes for consumers and society as a whole.

The word "workable" comes from the verb "work", which refers to the ability for something to function or operate effectively. In this context, it signifies that competition is functioning well, producing desirable results.

The term "competition" comes from the Latin word "competere", which means "to strive together". It refers to the rivalry or contest between individuals or entities in an industry, aiming to provide the best product or service to consumers.

As for the etymology of the specific phrase "workable competition", it is difficult to trace its exact origin. It likely emerged in the early 20th century, coinciding with the development of regulatory policies and antitrust laws aimed at promoting and maintaining competitive markets.