Element Description:
In Capitalism, there are many different types of products competing against one another. Competition encourages people to develop new ideas, create new products, and make themselves more productive. It is important that people and companies can succeed, fail, or adjust their products if necessary. If an older company has stopped creating new, innovative products, a new company should be able to challenge it on even terms.
While the government does not control who wins and loses, it must set and enforce rules to ensure fair competition.
Vocabulary
Competition
Definition:
When people or businesses try to attract customers by offering better, different, or less expensive products or services.