noun, verbal noun, の adjective
When you compete to the point of conflict, you know that this person / entity is your competition. Gotta beat out that competition. For example, in order to beat out the competition, WaniKani has a mascot that can eat every other small furry animal that the competition has for their mascot. Case closed.
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.
Today's breakfast is the bread I got from the bread eating competition yesterday.
I'm really not in the mood for a competition or anything right now.
These guys really need to chill out. They're always competing with each other and they both hate losing.