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Home > QFINANCE Dictionary > Definition of competition

Definition of

competition

Economics

struggle between firms to win business rivalry between companies to achieve greater market share. Competition between companies for customers will lead to product innovation and improvement and, ultimately, lower prices. The opposite of market competition is either a monopoly or a controlled economy, where production is governed by quotas. A company that is leading the market is said to have achieved competitive advantage.

Definitions of ’competition’ and meaning of ’competition’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’competition’ and other financial terms with our online QFINANCE Financial Dictionary.

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