Title: Explain the effect of competition on buyers and sellers
Course: Make It Your Business (12151-36) > Section: Exploring Private Enterprise

Explanation should include the following concepts:

- Competition is a characteristic of the free enterprise system.
- 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 examples of non-price competition? What factors other than price attract customers to a business?