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Competition Over Time

Competition Over Time

Flow diagram of dynamic competition: supernormal profit funds research and development, improved products attract consumers, older firms lose sales or adapt, and the process repeats

Competition is a dynamic process of rivalry over time, not simply a one-off comparison of prices. Firms compete by cutting costs, improving product quality, offering better service, and developing new products.

1.5.8 The dynamics of competition and competitive market processes Lesson

  1. A Level
  2. /Economics
  3. /1.5.8 The dynamics of competition and competitive market processes

Step-by-step lessons on AQA A Level Economics 1.5.8 The dynamics of competition and competitive market processes. Each one builds up to exam-style questions. Start with the core supply-and-demand models before moving on to the more evaluation-heavy macroeconomic policy topics.

Lessons