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Beggar-my-neighbor Strategy for Dummies

noun


What does Beggar-my-neighbor Strategy really mean?

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Hey there! So, "Beggar-my-neighbor strategy" is a term that we use in economics and international trade. It might sound a little weird, but it's actually pretty interesting once we break it down.

So, imagine you have a friend and you both have a lemonade stand. Now, if you start selling your lemonade for a really cheap price, your friend might have to lower their prices too, just to keep up. But if your friend does the same thing, then you have to lower your prices again, and it just goes back and forth. This is kind of like a game, where you try to sell your lemonade for the cheapest price, even if it hurts your friend's business.

In economics, this is the idea of a country trying to improve its own economy and industries at the expense of other countries. It's like playing a game of economic "lemonade stand" where you try to gain an advantage over other countries, even if it's not fair to them.

So, the "Beggar-my-neighbor strategy" basically means trying to make your own situation better, even if it means making things worse for other people or countries. It's a bit like trying to win at the expense of others, rather than working together for the greater good.

I hope that all makes sense! Let me know if you have any more questions about it.

Revised and Fact checked by Lily Wilson on 2023-11-15 23:47:01

Beggar-my-neighbor Strategy In a sentece

Learn how to use Beggar-my-neighbor Strategy inside a sentece

  • In a game of monopoly, one player continuously makes deals with the others to gain an advantage, even if it means causing harm to the other players. This is an example of the beggar-my-neighbor strategy.
  • During a group project, one student constantly takes credit for the work of their teammates, leaving them to do all the work. This is an example of the beggar-my-neighbor strategy.
  • In a business setting, a company lowers its prices drastically to force its competitors out of the market, even if it means suffering losses themselves. This is an example of the beggar-my-neighbor strategy.
  • In a group of friends, one person always takes advantage of the others' goodwill, never contributing to the group and always seeking personal gain. This is an example of the beggar-my-neighbor strategy.
  • In a political context, a country deliberately manipulates its currency and trade policies to weaken other countries' economies, even if it means causing harm to its own economy. This is an example of the beggar-my-neighbor strategy.

Beggar-my-neighbor Strategy Synonyms

Words that can be interchanged for the original word in the same context.

Beggar-my-neighbor Strategy Hypernyms

Words that are more generic than the original word.