Meaning

noun a business relation in which two parties compete to gain customers

noun an occasion on which a winner is selected from among two or more contestants

noun the act of competing as for profit or a prize

originBorrowed from French compétition, from Late Latin competītiō, competītiōnem, from Latin competō, from con- + petō. By surface analysis, compete + -ition.

Etymology from Wiktionary, CC BY-SA 3.0