Explain the effect of competition on buyers and sellers.
Definition
Explanation should include the concept that competition is a characteristic of the free enterprise system and has the following effects on competition:- Competition between sellers provides better-quality products at lower prices for buyers.
- Competition can be direct or indirect.
- Competition can be based on price or non-price factors.
Process/Skill Questions
- How does competition affect business decision making?
- What are the differences between direct and indirect competitors?
- How do businesses use competition to attract customers?
- What are the benefits of competition in the marketplace for buyers?
- What are some examples of non-price competition? What factors other than price attract customers to a business?
Related Standards of Learning
English
9.5
The student will read and analyze a variety of nonfiction texts.
- Apply knowledge of text features and organizational patterns to understand, analyze, and gain meaning from texts.
- Make inferences and draw conclusions based on explicit and implied information using evidence from text as support.
- Analyze the author’s qualifications, viewpoint, and impact.
- Recognize an author’s intended purpose for writing and identify the main idea.
- Summarize, paraphrase, and synthesize ideas, while maintaining meaning and a logical sequence of events, within and between texts.
- Identify characteristics of expository, technical, and persuasive texts.
- Identify a position/argument to be confirmed, disproved, or modified.
- Evaluate clarity and accuracy of information.
- Analyze, organize, and synthesize information in order to solve problems, answer questions, complete a task, or create a product.
- Differentiate between fact and opinion and evaluate their impact.
- Analyze ideas within and between selections providing textual evidence.
- Use the reading strategies to monitor comprehension throughout the reading process.
10.5
The student will read, interpret, analyze, and evaluate nonfiction texts.
- Analyze text features and organizational patterns to evaluate the meaning of texts.
- Recognize an author’s intended audience and purpose for writing.
- Skim materials to develop an overview and locate information.
- Compare and contrast informational texts for intent and content.
- Interpret and use data and information in maps, charts, graphs, timelines, tables, and diagrams.
- Draw conclusions and make inferences on explicit and implied information using textual support as evidence.
- Analyze and synthesize information in order to solve problems, answer questions, and generate new knowledge.
- Analyze ideas within and between selections providing textual evidence.
- Summarize, paraphrase, and synthesize ideas, while maintaining meaning and a logical sequence of events, within and between texts.
- Use reading strategies throughout the reading process to monitor comprehension.
11.5
The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.
- Apply information from texts to clarify understanding of concepts.
- Read and correctly interpret an application for employment, workplace documents, or an application for college admission.
- Analyze technical writing for clarity.
- Paraphrase and synthesize ideas within and between texts.
- Draw conclusions and make inferences on explicit and implied information using textual support.
- Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
- Analyze false premises, claims, counterclaims, and other evidence in persuasive writing.
- Recognize and analyze use of ambiguity, contradiction, paradox, irony, sarcasm, overstatement, and understatement in text.
- Generate and respond logically to literal, inferential, evaluative, synthesizing, and critical thinking questions about the text(s).