This essay talks on Competition, Meaning & Concept, Advantages of Competition & Disadvantages of Competition in our Life. This essay is written in Simple English For Children & Students.
Essay on advantages & Disadvantages of Competition For Students
Competition is a situation in which two or more people or groups strive to achieve something that they want. Its is basic instinct of societal progress and development.
Competition: Meaning & Concept:
The term ‘competition’ is derived from the Latin word ‘competere’ which means “to strive together.” The dictionary meaning of competition is “the act of competing, as for profit or a prize; rivalry.” Competition may be defined as the process in which two or more parties strive to achieve the same goal. In other words, it is a situation in which each party tries to outdo the others.
Nowadays, competition has become an integral part of our lives. We can see competition everywhere around us. For example, we come across competition in our daily life while playing games, studying in school or college, or even while going for a job interview. In fact, competition is present in every sphere of our life.
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Advantages of Competition
There are many advantages of competition which have been discussed below:
1. It brings out the best in people: Competition brings out the best in people as it encourages them to do their best. When people are competing with each other, they try to outperform their rivals and this leads to the development of new skills and abilities.
2. It motivates people: Competition is a great motivator as it encourages people to give their best performance. When people know that they are being evaluated against others, they try to do their best in order to achieve the desired goal.
3. It promotes innovation: Competition promotes innovation as people try to develop new and better products or services in order to gain an edge over their rivals. This leads to the development of new and improved products which are beneficial for both consumers and businesses.
4. It improves the quality of products and services: Competition among businesses leads to the improvement in the quality of products and services as businesses try to offer better quality products and services in order to attract more customers.
5. It reduces prices: Competition among businesses also leads to reduction in prices as businesses try to offer their products or services at lower prices in order to attract more customers. This is beneficial for consumers as they get access to better quality products and services at lower prices.
Disadvantages of Competition:
Despite the many advantages of competition, there are some disadvantages also which have been discussed below:
1. It can lead to cut-throat competition: In some cases, competition can lead to cut-throat competition among businesses which can adversely affect their profitability.
2. It can lead to unethical practices: In order to gain an edge over their rivals, some businesses may resort to unethical practices such as false advertising or unfair trade practices. This can have a negative impact on both businesses and consumers.
3. It can lead to stress and anxiety: Competition can also lead to stress and anxiety among people as they try to do their best in order to achieve the desired goal. This can have a negative impact on their health and well-being.
4. It can create a sense of rivalry: In some cases, competition can create a sense of rivalry and hostility among people. This can adversely affect relationships and lead to social disharmony.
5. It can lead to waste: In some cases, competition can lead to waste as businesses may produce more products than what is actually required. This can lead to resources being wasted and also cause pollution and environmental damage.
Despite the disadvantages, competition is an important part of our lives as it has many advantages which outweigh the disadvantages. It is important to have healthy competition in order to encourage people to do their best and also to promote innovation and development.
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Competition is an important part of our lives and it has many advantages which outweigh the disadvantages. It is important to have healthy competition in order to encourage people to do their best and also to promote innovation and development. What are your thoughts on competition? Do you think it is a good or bad thing? Let us know in
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