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The Importance Of Competition In Mechanical Engineering

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Mechanical engineering, business, and the economy are all interests of mine that I like to learn about. I decided I wanted to take my major and put a business spin on it so I went for an article on ways to increase competition of production in mechanical engineering. This topic revolves around my field but also business. I thought it would be interesting to look at the ways mechanical engineering can help drive the economy, business, and society as a whole. Mechanical engineering has a huge impact on the way our world runs and competition is a healthy way to build the mechanical engineering scene and the economy. It will help keep the economy in check while benefitting everyone in our society. Competition is necessary in life especially in…show more content…
Therefore, if we were able to increase competitiveness between businesses it would be beneficial to all. Competitiveness, in engineering especially, allows for steady growth in the engineering field and society as a whole. It would vastly increase the quality of life of the average person. Competition, both in general and in mechanical engineering, is necessary for a healthy society and there are many ways to increase it to benefit our economy. Aforementioned, competition is necessary and beneficial for our society in many ways. From a purely business-related stand point, one of the bigger and more obvious ways is it prevents one single company from being the only one offering a certain product. When a business has control over the production and sales of a product like that it is called a monopoly. Monopolies are not beneficial to the consumer. A business that has a monopoly over a specific product can set their own price for their product at whatever they want. This enables them to set the price ridiculously high if they wanted. This does not benefit the average person or consumer because that means the consumer would have to pay more to get the…show more content…
Competitiveness in mechanical engineering is something that can benefit everyone and help drive our economy. The research I have done definitely taught me some new things about how the business and economy tie into my field choice, mechanical engineering. Combining two of my interests and learning how they complement each other and work together was a great learning experience. D. S. Katerinich’s 2014 article “Innovative Approaches to Increasing the Competitiveness of Production in Mechanical Engineering” brought up many interesting points I might not have considered as possible ways to increase competitiveness in mechanical engineering. It was also really interesting to see how the Republic of Belarus has done to increase their competitiveness of production in mechanical engineering and comparing that to what we could do here in the United States. For the betterment of society and the positive effect on our economy, may competition in the business world and the mechanical engineering world continue to increase and produce new solutions and products that solve real world
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