competition

  

Definition

Economics: Rivalry in which every seller tries to get what other sellers are seeking at the same time: sales, profit, and market share by offering the best practicable combination of price, quality, and service. Where the market information flows freely, competition plays a regulatory function in balancing demand and supply.

Use competition in a sentence

  • The company was under serious competition from overseas companies which could manufacture a similar product for much less thanks to lower employee wages.

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  • All of the people involved in the competition had been preparing for weeks with the hopes of coming out on top.

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  • The competition we experienced when entering the market place was thrilling enough to ensure that we would stay for a long time.

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