Competition

Competition characterises economic or sporting activity whereby two or more individuals or groups strive antagonistically against one another for market share or for quality or for reputation.

Seen as a pillar of capitalism in that it may stimulate innovation, encourage efficiency or drive down prices, competition may equally lead to wasted (duplicated) effort and to increased costs (and prices) in some circumstances. Similiarly, the psychological effects of competition may result in harm as well as good.

Compare

• co-operation[?],
• planned economy[?]
• cooperative

See also

• competitor analysis
• ecological model of competition
• microeconomics

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