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2. Competition is constant and ceaseless as it goes on all the time. We all indulge in competition whether knowingly or unknowingly

Competition is needed in every business and company so as to avoid monopoly. In the labour market were every trader wants to make good sales, they must device their competitive measures to make a great sale. So competition is a very useful tool for every business.

and if i may add, competition is favourable to consumers. because in this manner, they can avail services at a better rate if there are more than one offering the same service. also, the business owners will have the challenge to make their services topnotch as they have competitors to deal with. it means, consumers are getting better services if there is competition involved. if a certain service is being controlled by one only, they can easily dictate their price and they may not even offer great service as the consumer has no choice but to get their service.

Competition ensures better quality of their items that will help the consumers meet their demands on that certain product. That is why it’s always a good scene to witness a healthy competition in all types of businesses, as that will only prove which business will have more to show, and which business will just stop there and quit. Maybe there are some businesses who also just got more luck than others and they last longer compared to others.

With competition, of course, the product service and quality service will be better, without competition, producers will easily control anything such as raising prices, lowering quality and so on. The presence of competition will certainly make the business healthy and consumers get a profit.

This is huge disadvantage with solely own product or services since they could just raise the price whenever they want and they will not doubt to do it because there's no competition will bother them. The presence of competition is so important that's why government should strictly regulate this so that those big companies will run this competition and not the monopoly.