Final answer:
The forces of globalization, new communications and information technology, and the entry of new firms are the main factors contributing to competition in the business industry.
Step-by-step explanation:
In the business industry, the forces of globalization and new communications and information technology have increased competition for firms. These forces have made it easier for businesses from different regions and countries to compete with each other. Firms now face competition not only from local companies, but also from international ones.
For example, a clothing retailer in the United States may face competition not only from other American retailers, but also from online stores based in other countries. This increased competition forces businesses to continuously improve their products, services, and marketing strategies to stay ahead.
Another force of competition in the business industry is the entry of new firms. When a market is profitable, new firms have the incentive to enter the industry and compete with existing businesses. This can lead to an increase in competition and a decrease in profits for existing firms.