What term is used to describe businesses that sell similar goods or services?

The term used to describe businesses that sell similar goods or services is "Competitors." This term is vital in understanding the dynamics of the marketplace, as it refers to companies that vie for the same customer base by offering comparable products or services. These businesses actively compete to attract customers, which can lead to innovations, better pricing, and enhanced quality as they strive to differentiate themselves from one another.

The other terms, while related to business in various contexts, do not accurately capture the concept of selling similar goods or services. "Consumers" refers to individuals or entities that purchase goods and services, while "Economy" refers to the overall system of production and distribution of goods and services in a region or country. "Entrepreneurs" are individuals who create and run their own businesses, often looking for opportunities to innovate and capture market share, but they aren't specifically related to the sale of similar products. Therefore, "Competitors" is the precise term for businesses engaged in similar markets.