Title: Describe the effects of competition on producers, sellers, and consumers
Course: Economics and Personal Finance (19262-36) > Section: Understanding the Role of Producers and Consumers in a Market Economy

Description should include

- defining the terms producer, seller, consumer, and competition
- clarifying how competition among sellers lowers costs and prices
- explaining how competition encourages producers to make more of what consumers are willing and able to buy
- illustrating how competition among consumers increases prices and allocates goods and services to those who are willing and able to pay for them
- pointing out the benefits of competition to each group
- analyzing the economic risks of competition to each group.