Define the term.

Question

Competition

answers are 1an individual or company's desire to seek and maximize profits. It helps to fuel economies as small businesses are started off this desire alone

2when companies selling similar products compete for the same customer

3the relationship between the amount of a particular kind of good in the market and how much the customers want it

Answer 1

The term "competition" is best defined by option 2: when companies selling similar products compete for the same customer. This describes the scenario in which rival businesses strive to attract customers to their offerings, often leading to better products, services, and prices for consumers.