Definition Features "Competitive Advantages of the Economy of the Region"

Today's economic conditions are characterized by aggravation of competition, each region enters into a competitive relationship and ultimately determines the competitiveness of the country's economy. The modern region is considered to be an independent participant in economic relations. It is considered as a complex social and economic system with a special set of characteristics. The main condition for competition is the presence and effective use of a certain set of values and properties that are specific to the territory. The totality of such values shapes the competitive advantages of the region's economy. The aim of the article is to analyze the theoretical basis, which was formed by worldfamous scientists, regarding the interpretation of the category «competitive advantages of the regional economy». The contribution of national scientists to the research of this category is investigated. In the course of the research it was found that most of the studies are aimed at examining the competitiveness of the region and its competitive advantages. Less attention is paid to the competitiveness of the region's economy and the competitive advantages of the region's economy. The question of defining the concept of «competitive advantages of the region's economy» remains unclear, which made the current study relevant. In order to achieve this goal, general scientific methods (scientific analysis, systematic method of cognition, abstraction) were used in the research process. In the course of the research the approaches to the interpretation of the term "region" have been analyzed, and the own interpretation of the category «economy of the region» has been given, since it is the basis for further research. It is revealed that the most common is the resource or factor approach to understanding the essence of competitive advantages of the regional economy. The result of this study is the formed and substantiated own vision regarding the interpretation of the category «competitive advantages of the regional economy», the differences between the category of the competitive advantages of the region and the consequent relationship between them have been revealed. The competitiveness of the region is a broader concept and includes, in addition to its economic component, social, environmental and political components. It is fair to say that the competitiveness of the region's economy is an important component of the region's competitiveness and determines the development of its other components. The competitive advantages of the region's economy are the basis for the competitiveness of the region's economy. Only if used effectively can the desired level of competitiveness of the regional economy and, as a consequence, the competitiveness of the region and the country as a whole be ensured.