Source : Webster's Revised Unabridged Dictionary (1913)

Competition \Com`pe*ti"tion\, n. [L. competition. See
   {Compete}.]
   The act of seeking, or endeavoring to gain, what another is
   endeavoring to gain at the same time; common strife for the
   same objects; strife for superiority; emulous contest;
   rivalry, as for approbation, for a prize, or as where two or
   more persons are engaged in the same business and each
   seeking patronage; -- followed by for before the object
   sought, and with before the person or thing competed with.

         Competition to the crown there is none, nor can be.
                                                  --Bacon.

         A portrait, with which one of Titian's could not come
         in competition.                          --Dryden.

         There is no competition but for the second place.
                                                  --Dryden.

         Where competition does not act at all there is complete
         monopoly.                                --A. T.
                                                  Hadley.

   Syn: Emulation; rivalry; rivalship; contest; struggle;
        contention; opposition; jealousy. See {Emulation}.

Source : WordNet®

competition
     n 1: a business relation in which two parties compete to gain
          customers; "business competition can be fiendish at
          times"
     2: an occasion on which a winner is selected from among two or
        more contestants [syn: {contest}]
     3: the act of competing as for profit or a prize; "the teams
        were in fierce contention for first place" [syn: {contention},
         {rivalry}] [ant: {cooperation}]
     4: the contestant you hope to defeat; "he had respect for his
        rivals"; "he wanted to know what the competition was
        doing" [syn: {rival}, {challenger}, {competitor}, {contender}]