finalist vs competition

finalist and competition both are nouns.

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

As nouns, competition is a hypernym of finalist; that is, competition is a word with a broader meaning than finalist:

Other hypernyms of finalist include challenger, competitor, contender, rival.

finalist (noun)	competition (noun)
a contestant who reaches the final stages of a competition	the act of competing as for profit or a prize
	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