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Competition is a process in which individuals strive to achieve mutually exclusive positions, such as the attainment of a single reward. Competitive processes may be among individuals within a single business, or it may be among businesses. Decision making in a competitive context tends to emphasize the efficient accomplishment of self-interested goals. Governments often intervene in competitive processes with laws and regulations to influence competitive processes and outcomes.

This entry discusses issues of efficiency, justice, human rights, and public policy associated with competition. The trade-offs and debates surrounding these issues are likely to intensify as the global economy becomes increasingly competitive and rival businesses seek to outdo each other by harnessing genomics and nanotechnology for their own advantage.

Competitive Allocation of Resources

A key outcome of competition is ...

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