Final answer:
Business competition involves rivalry between companies offering similar products/services, driving innovation and efficiency to attract customers and increase profits.
Explanation:
Business competition refers to the rivalry between companies that offer similar products or services to the same target market. This competition can lead to businesses improving their products, reducing prices, and increasing efficiency to attract customers and increase profits.
In a competitive market, businesses face the risk of losing customers and profits to competitors with better offerings, which can drive them out of business. Workers in these businesses may also be impacted, with potential loss of income or even jobs if the business fails to stay competitive.
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