Competition occurs when two or more individuals seek the same finite ends. Scarcity of resources makes competition for them inevitable. In a capitalist system where individuals own property and cannot resort to coercive means, individuals must produce and trade goods and services in order to achieve their ends. Competing producers attempt to provide consumers with the best products at the lowest price in order to earn profits. Competing consumers attempt to outbid one another for these goods and services.
Paul Cwik - On Competition
Israel Kirzner - Entrepreneurship and the Market Process
FEBRUARY 14, 2011
DECEMBER 14, 2010
FEE president Lawrence W. Reed on Competition, Monopoly and Standard Oil at Florida Gulf Coast University
DECEMBER 03, 2010
JULY 13, 2010
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