Read Aloud the Text Content

This audio was created by Woord's Text to Speech service by content creators from all around the world.

Text Content or SSML code:

4.1.5.8 – Dynamics of Competition and Competitive Markets Short term o Firms are encouraged to make cost savings by: Increasing productivity and Innovating o This allows firms to cut the price of products o Consumers benefit from lower prices, more choice and higher quality products o Firms also compete on non-price factors like quality of service Long term o Benefits relate to the efficient allocation of resources • Creative destruction is a process through which something new brings about the demise of whatever existed before it