Meaning of the word "rat race" in English

What does "rat race" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

rat race

US /ˈræt ˌreɪs/
UK /ˈræt ˌreɪs/

Noun

a way of life in which people are caught up in a fiercely competitive struggle for wealth or power

Example:
He decided to leave the corporate rat race and start his own business.
Many people feel trapped in the daily rat race.