Business competition refers to the rivalry between companies that offer similar products or services. This competition encourages businesses to improve their offerings, lower prices, and enhance customer service to attract more customers. It can occur on various levels, from local shops competing in a neighborhood to multinational corporations like Coca-Cola and Pepsi vying for global market share. Healthy competition benefits consumers by providing them with more choices and better quality products. It also drives innovation, as companies strive to differentiate themselves from their competitors. Ultimately, business competition plays a crucial role in a free market economy, fostering growth and efficiency.