What is price competition in the economy?

Price competition is when goods or services that are very similar compete for customers based on the price of the good or service. For example, when two different dish soaps are in the supermarket, they have soap bottles that are the same volume, have very similar packaging, ingredients and smells. Many times, consumers or customers will choose dish soap that is cheaper, this is price competition. The product that is cheaper is usually the product that “wins” the customer or? Wins? in price competition. However, some consumers are experienced with different products and form opinions based on things other than price.

Remember: The process of learning a person lasts a lifetime. The value of the same knowledge for different people may be different, it is determined by their individual characteristics and needs. Therefore, knowledge is always needed at any age and position.