competition vs finalist

competition and finalist both are nouns.

Word	Noun	Adjective	Verb	Adverb
competition	Yes	No	No	No
finalist	Yes	No	No	No

As nouns, finalist is a hyponym of competition; that is, finalist is a word with a more specific, narrower meaning than competition:

competition (noun)	finalist (noun)
the act of competing as for profit or a prize	a contestant who reaches the final stages of a competition
an occasion on which a winner is selected from among two or more contestants
the contestant you hope to defeat
a business relation in which two parties compete to gain customers