Discuss this statement: Business competition encourages improved product quality and increased customer satisfaction. And What factors caused American business to develop into a mixed economic system rather than some other type of economic system?
Requirements:
Your answer must be in 100 words
Respond to student in 50 words:
Competition encourages companies to be more “customer-driven”, so they focus more heavily on the quality of the product and the needs of their customers. Without competition, a monopoly can be established and product quality would be made with maximum profit in mind.
Politics, social inequalities and incentivization are 3 important factors that developed American business into a mixed economy. Our capitalism market incentivizes entrepreneurs to be innovative and invent…but through fiscal policy that our government places it can stabilize the economy in times where it is needed. Social inequalities also gave-way for our government to not remain strictly in favor of capitalism. However, with a good mixed-economy we avoided brain drain.
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