Explain the concept of competition with suitable examples
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Competition occurs naturally between living organisms which co-exist in the same environment.[3] For example, animals compete over water supplies, food, mates, and other biological resources. Humans usually compete for food and mates, though when these needs are met deep rivalries often arise over the pursuit of wealth, power, prestige, and fame.
Competition is often considered to be the opposite of cooperation, however in the real world, mixtures of cooperation and competition are the norm.[4] Optimal strategies to achieve goals are studied in the branch of mathematics known as game theory.
Competition is also a major tenet of market economies and business. It is often associated with business competition as most companies are in competition with at least one other firm over the same group of customers. Also competition inside a company is usually stimulated with the larger purpose of meeting and reaching higher quality of services or improved products that the company may produce or develop.
Competition is often considered to be the opposite of cooperation, however in the real world, mixtures of cooperation and competition are the norm.[4] Optimal strategies to achieve goals are studied in the branch of mathematics known as game theory.
Competition is also a major tenet of market economies and business. It is often associated with business competition as most companies are in competition with at least one other firm over the same group of customers. Also competition inside a company is usually stimulated with the larger purpose of meeting and reaching higher quality of services or improved products that the company may produce or develop.
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