pure (adjective, pure, \ pjʊr \) competition (noun, com-pe-ti-tion \ ˌkɑːmpəˈtɪʃən \)
Definition: is a market system that involves numerous competitors, which offer the same, standardized products. This economic market system is rather rare but always includes specific components and may be called “pure” (also “perfect”) only when some conditions are met. For instance, in pure competition, the number of sellers is numerous; they all sell the same homogeneous product; all of the sellers aim to increase their profit; any seller can freely leave or enter the market; all sellers and buyers have a free access to the data and info concerning the quality of the product, its price, and availability; no individual seller has influence on the product price.
In a Sentence:
- The fact that we can observe pure competition only proves how thriving the nature of the current marketplace is.
- If you have to sell your product in the situation of pure competition, what you should do is advertise your goods as best as you can. This will help you beat the competitors.
Synonyms and related terms: perfect competition, perfect market, market model, monopolistic competition, market structure
