Perfect competition

Perfect competition means:

  • There are many small companies relative to the size of the industry (no monopolies or companies big enough to control prices)
  • Products produced by the different companies are identical.  There are perfect substitutes and demand for the products are perfectly elastic.
  • Entry and exit barriers are low. Competitors can freely enter and exit the market.

Management Roles

We all have different roles to play.  Sometimes these roles can be conflicting.  For example, we may need to spend a lot of time at work to provide financial stability to our household.  But at the same time, we are expected to spend time with our families.  We may also be expected to serve as a leaders and mentors in society and serve on committees.  All these conflicting demands cause tension and may have a detrimental effect on ourselves.

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