The noun competition has 4 senses (first 3 from tagged texts)
1. (17) competition -- (a business relation in which two parties compete to gain customers; "business competition can be fiendish at times")
2. (4) contest, competition -- (an occasion on which a winner is selected from among two or more contestants)
3. (4) competition, contention, rivalry -- (the act of competing as for profit or a prize; "the teams were in fierce contention for first place")
4. rival, challenger, competitor, competition, contender -- (the contestant you hope to defeat; "he had respect for his rivals"; "he wanted to know what the competition was doing")