ECON 101:
Professor Baugus
I'm kind of late to this whole blog post thing due to unfortunate family events. But earlier this week, I read an economical "story" having to do with many ideas on society. I learned that the term competition is actually very important when dealing with economics. In fact, competition is very much needed in an economical world. Learning that the prices of various production agencies have to "fight" for the best price was very intriguing. They are basically competing for the attention of the buyers, in order for their products to be pushed out more in the public. To me, economics seems like one big game. If you make a lot of money, you are going to win.
The role of competition is vital so is the role of cooperation it is an interesting balance where cooperation creates markets and competition makes them efficient and creates choices.