2.6

Question 1

Markets

Answer 1

Exist where there are buyers and sellers

Question 2

Competition

Answer 2

When more than one business is attempting to attract the same customers

Question 3

Monopoly

Answer 3

When a business does not face any competition in a particular market

Question 4

Market share

Answer 4

Is the percentage of sales in a particular market recorded by a business

Question 5

Uncertainty

Answer 5

occurs when there is a lack of information about a situation. This means the outcome or consequences are very difficult to predict

Question 6

Risk

Answer 6

The possibility of something going wrong

Question 7

Business plan

Answer 7

A document setting out what a business does and what it hopes to achieve in the future

Question 8

Diversification

Answer 8

when a business starts selling new products in new markets

Question 9

Recession

Answer 9

When the value of an economys output of goods and services falls for six months of r longer

Question 10

Entrepreneur

Answer 10

Someone who is willing to take the risks involved in starting a new business