competition

Competition refers to a rivalry between two or more parties for a common goal where one’s gain is another’s loss, such as organisms competing for limited resources, businesses vying for customers, or individuals participating in a sporting event. In economics, competition between businesses leads to benefits for consumers, like lower prices, more choices, and higher quality goods and services, which drives innovation and economic growth. There are different types of competition, including direct competition (same product, same customers), indirect competition (different products, same need), and biological competition for resources.