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social science subjects > business and management > entrepreneurship > competition (business)
... > social science subjects > economics > economic systems > market economy > market forces > competition (business)
... > social science subjects > politics and international relations > political science > comparative politics > economic systems > market economy > market forces > competition (business)
... > social science subjects > economics > economic concepts > political economy > market economy > market forces > competition (business)
... > social science subjects > politics and international relations > political science > political economy > market economy > market forces > competition (business)
... > social science subjects > business and management > organization studies > organization studies encyc > approaches to organization theory > organizational economics > competition (business)
... > social science subjects > business and management > organization studies > organization studies encyc > organizational economics > competition (business)

Preferred term

competition (business)  

Definition

  • Competition exists in economic situations whenever two or more actors seek to outperform one another, in pursuit of some commonly identified goal. Markets are the most prominent site of economic competition, employing a price mechanism to connect buyers and sellers, with sellers competing against each other either through cutting prices or through improving the quality of the goods. [Source: Encyclopedia of Business in Today's World; Competition]

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https://concepts.sagepub.com/social-science/concept/competition_(business)

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