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The Economic Environment of Business - Essay Example

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On that note, we are going to delve into highlighting the significance of the competition policy in the industrial and business world in the United Kingdom. First and foremost, in order to understand the significance of competition in this sector of the economy, we must first delve to establish some of the characteristics of a perfectly competitive market and consequently, appreciate its significance in the oil business and also in the business sector of the economy. On a similar theme, a perfectly competitive is one in which competition is the core of the principle. In addition to that, it is evident that in a competitive market setting the interest of the consumer is paramount in order to promote the particular service or product being offered which in this case is petroleum based products. Although, it is hectic in nature on the part of the companies and industries, competitive market has numerous advantages on the consumer. In fact, through competition new products have been innovated which have benefited the consumer. Moreover, competitive market has served to decrease the cost of commodities and services since they are being offered by a number of companies and this has served to greatly benefit the consumers. Secondly, the fact that there is no hindrance in the entrance and the exit of the market has also facilitated the growth of the business enterprise. On the contrary, competitive market is characterized by a number of principles. For instance, risks are minimal and the entrepreneurship

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role is greatly reduced since information is readily available to those who wish to participate in this line business. In fact this is one of the reasons behind the championing of the competitive market which has in turn contributed to the growth of the economy. In addition to that, the competitive market is marked by huge profits in the in the immediate future as compared to the long run. However, competition is divided into categories, for instance, the existence of monopolistic kind of competition in the market. On that note, monopolistic completion in the markets entails a market structure in which companies compete but they venture in the production and selling of different products. Apparently, this form of competition in the market is mandated with the task of ensuring the diversity of the market through the ensuring of the uniqueness of the products they produce. On a similar theme, in this case, the prices of the individual commodities produced by each company are determined by that company as opposed to the market. Notably, in this form of competitive market structure, the consumers are often exploited by the high prices of the products offered. In fact, this form of competitive market structure is characterized by: independent determination of the prices of commodities, the role of entrepreneurs is evident, due to the diversity of the products produced. Therefore, it was mandatory to formulate competition policy in the United Kingdom in a bid to safeguard consumers from the exploitative nature of the highly monopolistic market. In addition to that, the policy was also formulated to control the price of basic petroleum products in order to avert exploitation of oil cartels. Apparently, the office of fair trading that is mandated with the task of evaluating the business and marketing environment with the aim of ensuring that the consumer is not exploited

Summary

Principles of the Global Business Standards Codex (Author’s name) (Institutional Affiliation) Key words: Principles, Competitors Introduction Competition is an important ingredient in the thriving of a successful business enterprise. On that note, competition in this sector of the economy has contributed to massive growth and diversity in the economy…
Author : nienowjoana
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