Competition is a social or economic interaction where individuals or groups strive to outperform others for resources, rewards, or success. It can involve rivalry, strategic maneuvering, and efforts to gain an advantage over competitors.
Imagine a sports competition where athletes train hard, develop their skills, and compete against each other for medals. The athlete who excels through their preparation and performance emerges as the winner.
Capitalism: This economic system encourages competition among businesses by promoting entrepreneurship and market competition as driving forces for innovation and efficiency.
Zero-Sum Game: It refers to a situation where one person's gain is equivalent to another person's loss. In competitive scenarios like sports or economics, there are limited resources or opportunities available.
Market Economy: A system in which goods and services are allocated through voluntary exchanges between buyers and sellers based on supply and demand dynamics. It relies on competition between producers to determine prices and quality levels.
What economic system emerged in Europe during the late-18th century promoting free trade and competition?
Which term describes an economic system that encourages competition and private ownership, popular during the Industrial Revolution?
Which European thinker authored "On Social Evolution," arguing that societies evolve through competition and survival of the fittest?
What evidence supports a postcolonial perspective that WWI was influenced by competition between colonial powers for global dominance?
Which monarch's reign sparked competition with the Dutch Republic during its golden age?
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