Competition refers to the rivalry or contest between individuals or organizations seeking to gain an advantage over others by offering better products, services, or prices. It is driven by the desire for market share and profit.
Related terms
Market Share: The portion of the total sales in a particular market that a company or product holds.
Monopoly: A situation where there is only one seller in a market, resulting in limited competition.
Oligopoly: A market structure dominated by a small number of large firms that have the power to influence prices and control the market.