Competition and the consumer

摘要

Azzizza Khvddoos from Consumers International introduces this edition of Consumer Policy Review looking at competition and the consumer, and discusses why it matters and how the imbalance in competition can he redressed to benefit consumer needs. Competition in economics or business is defined as the effort of two or more firms acting independently of each other to win the business of a potential buyer by offering the best terms. It is often touted as the pillar on which capitalism is founded because according to microeco-nomic theory, it encourages greater efficiency and innovation amongst producers. This in turn can lead to great selection better quality products and lower prices to the benefit of consumers.