Final answer:
Competition in business refers to the rivalry between companies that provide similar products or services.
Step-by-step explanation:
Competition in business refers to the rivalry between companies that provide similar products or services. Competitors can be other companies operating in the same industry or market.
BUSINESS EXAMPLE: If you are a coffee shop owner, your competition would be other coffee shops in the area that offer similar products and services.
Competition drives businesses to improve their offerings, lower prices, and provide better customer service in order to attract and retain customers.