Question

What's the biggest benefit of competition in our society?

a) It makes things better
b) It makes comforts and luxuries cheaper
c) It ensures that only the strongest survive
d) It creates a big difference in people's living conditions

Answer 1

Competition is beneficial as it leads to better or cheaper products for consumers, encourages innovation, and can result in economic benefits for nations on the whole.

Step-by-step explanation:

The biggest benefit of competition in our society is that consumers get better or less expensive products. Firms with better or cheaper products directly benefit consumers but also lead these firms to increase their profits and allow their employees to earn more income. Despite the challenges it may pose to some businesses and workers, on balance, competition stimulates innovation and efficiency which, according to economic theory, contributes positively to a nation's welfare.