das Wettrennen
race
A competition in which the goal is to cover a certain distance faster than the competitors.
Die Kinder veranstalteten ein Wettrennen bis zum Ende der Straße.
The children held a race to the end of the street.

race
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race
A competition in which the goal is to cover a certain distance faster than the competitors.
Die Kinder veranstalteten ein Wettrennen bis zum Ende der Straße.
The children held a race to the end of the street.

The word is made up of 'Wett-' and 'Rennen' (race). The first part, 'Wett-', comes from 'die Wette' (the bet) and signals a competition. A 'Wettrennen' is therefore a race with a competitive character.
Das jährliche Seifenkisten-Wettrennen ist eine beliebte Tradition.
The annual soapbox race is a popular tradition.
In the literal meaning, 'Wettrennen' (race) is often combined with verbs such as 'machen' (to do), 'veranstalten' (to hold/organize), or 'sich liefern' (to have with each other). The preposition 'gegen' (against) is used to name the opponent.
Die beiden Sportler lieferten sich ein spannendes Wettrennen.
The two athletes had an exciting race.
In the figurative meaning, the goal of the competition is almost always expressed with the preposition 'um' and the accusative. This pattern is typical in contexts from business, science, or politics.
Die Firmen befinden sich in einem Wettrennen um die besten Mitarbeiter.
The companies are in a race for the best employees.
The preposition 'um' is a strong signal for the figurative meaning. If the sentence refers to abstract goals such as 'Marktanteile' (market share), 'Innovation' (innovation), or 'Macht' (power), the second, figurative meaning is almost always intended.
Zwischen den Supermächten gab es ein Wettrennen ins All.
There was a race into space between the superpowers.
run / course / barrel
'der Lauf' and 'das Wettrennen' can both refer to movement over a distance. However, 'der Lauf' is more general and can also simply mean running as a sport without a direct opponent. 'das Wettrennen' is always a competition: someone tries to reach the finish faster than others. It can also be used figuratively for a competition, for example in research or business. The words can be confused because a 'Wettrennen' is often also a 'Lauf'. If the competition is important, 'Wettrennen' is more precise. If only the sporting movement is meant, 'Lauf' fits better.

Im Garten machen die Kinder ein Wettrennen bis zum alten Baum.
In the garden, the children are having a race to the old tree.
Der Lauf am Morgen hilft mir, wach zu werden.
The morning run helps me wake up.