A dictionary definition:

Main Entry: com•pe•ti•tion
Pronunciation: "käm-p&-'ti-sh&n
Function: noun
Etymology: Late Latin competition-, competitio, from Latin competere
1 : the act or process of competing : RIVALRY: as a : the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms b : active demand by two or more organisms or kinds of organisms for some environmental resource in short supply
2 : a contest between rivals; also : one's competitors <faced tough competition>

(Merriam Webster)


A social definition:

http://www.nytimes.com/2005/05/24/opinion/24tierney.html

Good article, Mav. Thanks for pointing to it.