Meaning : A business relation in which two parties compete to gain customers.
Example :
Business competition can be fiendish at times.
Meaning : An occasion on which a winner is selected from among two or more contestants.
Synonyms : contest
Meaning : The act of competing as for profit or a prize.
Example :
The teams were in fierce contention for first place.
Synonyms : contention, rivalry
Joint operation or action.
Their cooperation with us was essential for the success of our mission.Meaning : The contestant you hope to defeat.
Example :
He had respect for his rivals.
He wanted to know what the competition was doing.
Synonyms : challenger, competitor, contender, rival