A market condition in which prices and supplies are not established by any particular group; that is, they are influenced by many market participants and forces, and not determined by a regulatory body.2. An activity in which people try to win something or to do better than others can or the activities of people who are trying to get something that other people also want.
3. The opposition in a competitive situation, or the level of opposition including the efforts of people who are trying to win prizes by being better than the other people.
4. The person, company, or thing that someone is competing with.
5. The struggle between organisms (insects, animals, etc.) of the same or different species for limited resources; such as, for food or light.
The struggle between individuals of the same or of different species for food, space, light, etc., when these are inadequate to supply the needs of all of them.6. A type of activity existing among two or more elements of a system when each is striving to maximize its use of a finite and/or a non-renewable resource.
Agricultural land is an example of a finite, renewable resource while mineral deposits are examples of finite, non-renewable resources.
Competition for finite resources tends to accelerate rates of depletion or leads to overuse, but the overuse of finite, renewable resources can be corrected by altering the rewards and costs of marginal changes that are in use.
Intraspecific competition; for example, competition among members of the same species, is shown by some species of birds and mammals, the males of which set up territories from which all other males of the same species are excluded.
With interspecific competition, members of different species compete for the same ecologically limiting factors; such as, a food source.
Sellers compete with other sales people, and buyers with other buyers and in its perfect form, there is competition among many small buyers and sellers, none of whom is too large to affect the market as a whole.
Competition is often reduced by many limitations, including copyrights, patents, and governmental regulations; such as, fair-trade laws, minimum wage laws, and wage and price controls.
It is the result of a process whereby individuals compete to improve their level of happiness, but they compete in a cooperative manner through peaceful exchanges and without violating the well-being of each other.
It usually occurs when there are too many producers of a product that prices are driven down to the point where no one makes a profit.
It can also happen if a single producer is significantly wealthier than other producers and can afford to cut prices drastically until the other producers are driven out of business.2. The result of businesses which strive to benefit when an individual, a group, or an organism damages or eliminates competing individuals, groups and/or even organisms and which opposes the desire for mutual survival.
In this situation, success of one group is dependent on the failure of the other competing groups.