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 able to beat out its industry competition by offering a product that others could not match.

    Was this Helpful?   (10)   (0)
Show more usage examples...

Related Videos




http://www.businessdictionary.com/definition/competition.html

Have a question about competition? Ask for help in the
Community
advertise here

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z