FOREIGN COMPETITION Meaning and
Definition
-
Foreign competition refers to the rivalry or competition faced by domestic producers or businesses from companies or entities based in other countries. It is a term used to describe the economic competition that arises when foreign businesses or industries enter a particular country's marketplace to offer similar products or services.
These foreign companies often possess certain competitive advantages such as lower production costs, access to cheaper labor, better technology, or government subsidies that may enable them to offer their goods or services at more competitive prices. As a result, domestic businesses or industries may face challenges in maintaining their market position in the face of such foreign competition.
Foreign competition can have both positive and negative effects on the domestic market. On the positive side, it can lead to increased consumer choices, better product quality, technological advancements, and overall economic growth. However, it can also lead to job losses, reduced market share for domestic firms, and potential negative effects on the domestic economy if local businesses fail to keep up with the competition.
Governments often adopt various policies and strategies to protect domestic industries from excessive foreign competition, such as imposing tariffs or other trade barriers, implementing regulations, or providing subsidies to local businesses. These measures are intended to provide a level playing field and enable domestic industries to compete with foreign companies more effectively.
Common Misspellings for FOREIGN COMPETITION
- doreign competition
- coreign competition
- voreign competition
- goreign competition
- toreign competition
- roreign competition
- fireign competition
- fkreign competition
- flreign competition
- fpreign competition
- f0reign competition
- f9reign competition
- foeeign competition
- fodeign competition
- fofeign competition
- foteign competition
- fo5eign competition
- fo4eign competition
- forwign competition
- forsign competition
Etymology of FOREIGN COMPETITION
The word "foreign" comes from the Middle English word "forein", which originated from the Old French word "forain" meaning "external, foreign", or "outside". It further traces back to the Latin word "foris", meaning "outside" or "outdoors". The term "competition" is derived from the Latin word "competitio", which means "rivalry" or "contest". Combining these two words, "foreign competition" refers to the rivalry or contest between entities from different countries.
Infographic
Add the infographic to your website:
