What concept describes the competition among businesses leading to consumers receiving the best products or prices?

The concept that describes the competition among businesses leading to consumers receiving the best products or prices is known as the "Invisible Hand." This term, coined by economist Adam Smith, suggests that when individuals pursue their own self-interest, they inadvertently contribute to the overall benefit of society. In a competitive marketplace, businesses strive to improve their offerings and reduce prices to attract consumers. As a result, the collective actions of these self-interested businesses lead to innovation, higher quality products, and more favorable prices for consumers.

The idea of the Invisible Hand illustrates how market dynamics facilitate an efficient allocation of resources, where the competition among companies motivates them to meet consumer needs effectively. Therefore, this mechanism plays a crucial role in ensuring that consumers gain access to better products and prices as businesses vie for their patronage.