mgmt 209 outline for test 4

mgmt 209 outline for test 4 - b bribing officials...

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I. introduction. Competition 1.Competition is the lifeblood of capitalism 2. it delivers best set of rules and outcomes for society as a whole 3. but, not always best for individual businesses -competition can reduce profit -competition force costly charges. Smithsonian Model 1. Greed is inevitable a. self interested b.naturally seek a increase in your own wealth 2. Some of the ways we seek increase of personal wealth are not good for competitor or society as a whole. a. Competition helps to eliminate some of these detrimental persist. 1)look for best value for the price of their products. 2)channels pursuit for personal wealth into beneficial activities a)efficiency b)customer satisfaction. b.if no competition wealth is easier to achieve in undesirable ways a) exploiting consumers
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Unformatted text preview: b) bribing officials c)stealing resources 3. smith feels that competition gives automatic self-corrective force and replaces the need for governmental involvement. 4. if competition fails need governmental involvement, hence the antitrust laws to reverse anticompetitive outcome and eliminate anticompetitive practices. what is anticompetitive? we want competition to lead to better products or enhanced efficiency means of competition are just as important as the ends anticompetitive includes deliberate actiosn by firms to outperform the competition by harming competition rather than imporinvg their own products and services so, need rules and referees to define and enforce activities to remove the detriments to the benefits of competition....
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mgmt 209 outline for test 4 - b bribing officials...

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