Competition refers to the rivalry between two or more people/businesses/economies that aspire to obtain the same thing – success; applicable to the situation where companies compete in a market to supply or demand the same product or service, to a person or rival group.
The competition, from an economic point of view, is the attempt of two or more companies to gain a client´s business. Competition occurs when companies offer goods and services of better quality and lower prices with the goal of encouraging the economic actors to be, and keep being, clients. In order for there to be economic competition, it is necessary for market conditions te be the same for all without any favoritism. A fundamental aspect for competition to exist is that there must be various participants. The economic competition is the main incentive for markets become more efficient.