These are some characteristics of competition;
1. A healthy competition should always be neutral and un-biased.
2. Competition is constant and ceaseless as it goes on all the time. We all indulge in competition whether knowingly or unknowingly
3. Competition is universal, common and all embracing as it goes on all over the world.
There is a famous saying. Everything is fair in love and war. This terms also true about business competition. In this sector, no one wants to or cares about its neutrality and unbiased or not. Winning or making a position is the only thing that matters. In this process, companies take actions in legal and illegal both ways.
Generally, competition is very essential in a free market and without competition, there would be monopoly in the production of goods and rendering of services. And when there’s a monopoly, small business and start ups are destined to fail.
In a free market, economy competition is vital for its growth. This keeps price lowers, force companies to improve product quality and services, and fasten innovation. On the other hand, it could destroy local businesses because of the investment of foreign companies. Local small businesses and factories were forced to shut down because of their small resource. Though there are some disadvantages, a free market economy plays a vital role to increase a country's GDP growth.