Competition has become an separable aspect of our life in following ways:

1. Scarcity as a condition of competition: Wherever there are community desired goods and services, there is Competition. In fact, economics starts with its fundamental proposition that while human wants are unlimited the resources that can satisfy these wants are strictly limited. Hence people complete for the possession of these limited resources. As Hamilton pointed out Competition is necessitated by “a population of insatiable wants and a world of stubborn and inadequate resources”.

2. Competition and affluence: Competition may be found even in circumstances of abundance or affluence. In a time of full employment, Competition may take place for the status of the top class. There is Competition not only for food, shelter and other basic needs but also for luxuries, power, name, fame, social position, mates and so on.

3. Competition is Universal: Modem civilized society is marked by the Phenomenon of Competition. Competition is covering almost all the areas of customers, lawyers for clients, doctors for patients, students for ranks or distinctions, athletes and sportsmen for trophies, political parties for power, no society can be said to be exclusively Competition or co-operative.

4. Competition is continuous: Competition is continuous. It is found virtually in every area of social activity and social interaction. Particularly Competition for status, wealth and fame is always present in almost all societies.

5. Competition is dynamic: It stimulates the achievement and contributes to social change to higher level. A college student who completes with others to get selected to the college cricket team. After becoming successful may later struggle to get selected to the University cricket team, to the state team to the national team and so on.

6. Competition is always governed by norms: Competition is not limitless nor is it unregulated. There is no such things as ‘unrestricted competition’ such a phrase I contradiction in terms. Moral norms or legal rules always govern and control competition competitors are expected to use ‘fair tactics’ and not ‘cut-throat devices’.

7. Competition may be unconscious also: Competition may take place on an unconscious level. Many times individuals engaged in Competition are not always aware of the fact that they are in a Competitive race.

8. Competition may be constructive or destructive: Competition may be healthy or unhealthy. If one of the two or more competitor tries to win only at the expense of the others, it is destructive. Sometimes, big industrialists or businessmen to become virtually bankrupt. But constructive competition is mutually stimulating and helpful. It contributes to the welfare of all at large.

9. Competition may be personal or impersonal: Competition is normally directed towards a goal and not against any individual. Sometimes, it takes place without a actual knowledge of other’s existence. Ex- It is impersonal as in the case of civil service examination in which the contestants are not even aware of one another’s identity. 

Competition may also be personal as when two individuals contest for election to an office. As competition becomes more personal, it leads to rivalry and shades into conflict. Competition in the social world is largely impersonal. The individual may be vaguely aware of, but has no personal contact with other competitors.