Questions what is the main features of the socialist economy?

Advantages of free market competition?

Key words: efficient allocation, market share, innovation

Customers have numerous advantages of market competition.

1) Upgradation

You tend to regularly upgrade your product as well as innovate so that you stay ahead of competition.

2) Adding more value

The advantage of having market competition is that companies are always adding value to their product.

3) More options for customers

Customers get many more options when competition is strong in the market.

4) Productivity

Businesses in general tend to be more productive and efficient when there is competition in the market.

5) Focus on sales and customers

The best advantage of market competition is that it ensures that the company is focused on sales and in turn, on its customers.

16.