Global Competition

Definition

Global competition refers to the economic rivalry among nations and businesses across different countries, competing for market share in an international landscape.

Analogy

Think of global competition like a worldwide sports tournament. Just as teams from different countries compete against each other in the World Cup or Olympics, businesses and nations also compete on a global scale to win customers, resources, and influence.

Related terms

Trade Barriers: These are measures that governments or public authorities introduce to make imported goods or services less competitive than locally produced goods and services.

Globalization: This is the process by which businesses or other organizations develop international influence or start operating on an international scale.

Economic Liberalism: This is a political and economic ideology based on strong support for a market economy and private property in the means of production.