Competition/Definition: Difference between revisions

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The effort of two or more parties acting independently to secure the business of a third party by offering the most favourable terms.
The condition of a [[market]] that is characterised by its  approach to the ideal of [[Competition#Definition|perfect competition]] in which no supplier is able to influence the price of its products.

Revision as of 01:28, 26 July 2010

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A definition or brief description of Competition.

The condition of a market that is characterised by its approach to the ideal of perfect competition in which no supplier is able to influence the price of its products.

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