Competition
Competition refers to the battle among businesses for consumer acceptance. It includes all the actual and potential rival offerings and substitutes a buyer might consider.
Competition among firms would lead to consumers’ receiving the best possible products and prices because less efficient producers would gradually be driven from the marketplace.
Competition is the battle among businesses for consumer acceptance.
Competition occurs between different companies trying to produce and sell the same good or service. Companies may compete with each other for markets and customers; for raw materials; for labour; and for capital.
Webster Dictionary Meaning
1. Competition
- The act of seeking, or endeavoring to gain, what
another is endeavoring to gain at the same time; common strife for the
same objects; strife for superiority; emulous contest; rivalry, as for
approbation, for a prize, or as where two or more persons are engaged
in the same business and each seeking patronage; -- followed by for
before the object sought, and with before the person or thing competed
with. Category: Contemporary Business, Economics
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