Competition

Competition refers to the contest or rivalry between individuals or groups, primarily in the context of striving for a common goal or resource that is limited. In economic terms, competition often occurs in markets where different businesses or producers seek to attract customers, improve products, and maximize profits. In a broader context, it can also apply to sports, academics, or any situation where entities vie against one another to achieve superiority or recognition. Competition can drive innovation, enhance efficiency, and lead to better quality outcomes, but it can also create stress and conflict among participants.