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Competition promotes innovation and better goods and services. In economics, a good is a product that can be used to satisfy some desire or need of consumers. More commonly, a good is a tangible physical product that can be contrasted with a service which is intangible. To sum up we have physical goods and intangible services. Goods are items you can see and touch, such as a book, apen, salt, shoes, hats, a folder etc. Services are provided for you by other people, such as; a doctor, a lawn mower worker, a dentist, haircut and eating in restaurants.
Consumption of goods and services is assumed to produce utility. Utily motivates companies to offer innovated goods and services and constantly create such a thing that differentiates their product from everybody else. Thisresults in competition. Thanks to competition companies move forward and do not get stuck on one same thing. Competition encourages people to innovate and that makes us have updated goods and services and also greater selection.
It should also be noted that business and economic competition in most countries is often limited or restricted.
During my research I investigate on the internet abouthow and why companies innovate and what is the benefit for companies and consumers. I also did a survey which let me understand what people think about innovation and if this makes them buy more products. Finally, I interviewed a person from the service industry and she explained how beneficial innovation is in her career.

According to and services There aredifferent types of goods. There are many different kinds of goods. Consumer goods are those such as food and clothing that satisfy human wants or needs. Producer goods are those such as raw materials and tools, used to make consumer goods. Capital goods are those such as machinery, used in the production of commodities or producer
Public GoodsAir television- public transportation, parks, | PrivateGoodsFood, clothing, cars, personal electronics. |
Substitute GoodsProducts that can be substituted if the price of A for example increases..Chicken- meat | Independent GoodsChanges in the price of one good will have no effect on the demand of an independent good. A person's demand of nails is independent of his or her demand for bread. |

Services according and services would be the performance of any duties or work for another; helpful or professional activity. There are untold numbers of services. A short list would include educational, health, communication, transportation, social services.
Competition, according to the theory, causes commercial firms to develop new products, services and technologies, which would give consumersgreater selection and better products. The greater selection typically causes lower prices for the products, compared to what the price would be if there was no competition (monopoly) or little competition (oligopoly).

According to *BTR BOOKLET* by Mr. Arturo Ventimilla monopoly exists when a specific individual or an enterprise has sufficient control over a particular product orservice to determine significantly the terms on which other individuals shall have access to it. Monopolies are thus characterized by a lack of economic competition for the good or service that they provide and a lack of viable substitute goods.
According to *BTR BOOKLET* by Mr. Arturo Ventimilla, in Economics, an oligopoly is a market form in which a market or industry is dominated by asmall number of sellers (oligopolists).
According to *Economia Avanzada*, book competition may also exist at different sizes; some competitions may be between two companies, while other competitions can involve entire markets. In an example in economics, a competition between two small stores would be considered small compared to competition between several...
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