Competitors: meaning, definitions and examples

Business

• Many companies study their competitors to understand what they do well and where they can improve.
• In markets with many competitors, prices can lower as businesses try to attract more customers.
• Competitors can sometimes team up in a practice called 'co-opetition,' where they work together on certain projects while still competing.

Sports

• In sports, teams often have rivals they play against regularly, which boosts excitement and intensity during games.
• Athletes train specifically to outperform their competitors, improving their skills and strategies.
• Competitions often have ranking systems to show who the best competitors are across different events.

Psychology

• Healthy competition can encourage people to perform better and foster a sense of motivation.
• Excessive rivalry can lead to stress and anxiety, negatively impacting performance and well-being.
• Social comparison theory suggests that people determine their own social and personal worth based on how they stack up against others.

Economics

• In an economic context, competitors contribute to market efficiency and innovation, as they drive each other to create better products.
• Monopolies arise when one competitor dominates the market, often leading to higher prices and less choice for consumers.
• The level of competition in a market can influence employment rates and wage levels.

Culture

• Competitors in traditional sports can symbolize community pride and national identity during international events.
• Competitions like talent shows showcase aspiring artists, giving them a platform to shine while vying against others.
• In cultural settings, competitions can foster creativity, as participants strive to present unique performances or creations.

At #5,789 in frequency, this word belongs to advanced vocabulary. It's less common than core vocabulary but important for sophisticated expression.

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• 5786 advancing
• 5787 shining
• 5788 investigators
• 5789 competitors
• 5790 exported
• 5791 superficial
• 5792 transmit
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