Competition, Price and Monopolies
In a free market, unlimited human wants often meet sellers with limited supplies. In such a place, competition is usually a force of good. It leads to more choice, increases the quality of products on offer and reduces their prices. If competition is absent, monopolies can form. And that's a problem. Learn about the basic benefits of competition.
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COLLABORATORS
Script: Jonas Jaquet and Jonas Koblin
Script Editor: Morgan Lizop
Fact-checking: Ludovico Saint Amour Di Chanaz
Artist: Pascal Gaggelli
Voice: Mithrilda
Coloring: Nalin
Editing: Peera Lertsukittipongsa
Sound Design: Miguel Ojeda
Production: Selina Bador
SOUNDTRACKS
Tarantella - Adieu Adieu
DIG DEEPER with these top videos and articles:
Listen to the insights of former Uber’s chief economist John List and learn why competition makes it so difficult for Uber to increase the money their drivers earn — even adding tips didn’t work.
https://www.econtalk.org/john-list-on-scale-uber-and-the-voltage-effect/
Read about Uber's surge pricing in this case study.
https://economicsforlife.ca/wp-content/uploads/2015/10/effects_of_ubers_surge_pricing.pdf
Read about cartels and why it's good for society to have strong laws that fight them.
https://www.econlib.org/library/Enc/Cartels.html
Competition, and good overview by Wolfgan Kastper from the Econlib.
https://www.econlib.org/library/Enc/Competition.html
Play Monopoly or Catan to learn how demand, supply and monopolies lead to winners and losers.
https://en.wikipedia.org/wiki/Monopoly_(game)
https://en.wikipedia.org/wiki/Catan
Watch Sprouts video on Supply and demand.
https://youtu.be/LTKP-mm3Hb0
SOURCES
Competition (economics) - Wikipedia.org
Monopoly - Wikipedia.org
Supply and demand - Wikipedia.org
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