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Competition

Definition

Competition is a social or economic interaction where individuals or groups strive to outperform others for resources, rewards, or success. It can involve rivalry, strategic maneuvering, and efforts to gain an advantage over competitors.

Analogy

Imagine a sports competition where athletes train hard, develop their skills, and compete against each other for medals. The athlete who excels through their preparation and performance emerges as the winner.

Related terms

Capitalism: This economic system encourages competition among businesses by promoting entrepreneurship and market competition as driving forces for innovation and efficiency.

Zero-Sum Game: It refers to a situation where one person's gain is equivalent to another person's loss. In competitive scenarios like sports or economics, there are limited resources or opportunities available.

Market Economy: A system in which goods and services are allocated through voluntary exchanges between buyers and sellers based on supply and demand dynamics. It relies on competition between producers to determine prices and quality levels.