"Competition is the keen cutting edge of business, always shaving away at costs"

This quote by Henry Ford speaks with the importance of competition in business world. He suggests that competition is a needed part of service, as it helps to keep costs low. By competing with other companies, companies are required to discover methods to reduce their expenses in order to remain competitive. This could include discovering cheaper providers, lowering overhead costs, or finding more efficient ways to produce their items. Ultimately, competition helps to keep prices low for customers, as businesses are incentivized to keep their costs down in order to remain competitive. In this way, competition is a crucial part of the business world, as it helps to make sure that organizations remain efficient and that customers get the very best costs.