2.6 Flashcards
1
Q
Market
A
Exists where there are buyers and sellers
2
Q
Competition
A
More than one business who attracts the same customers
3
Q
Monopoly
A
When a business doesn’t face any competition
4
Q
Market share
A
Percentage of slaes in a particular market recorded by a business
5
Q
Uncertainty
A
Where their is a lack of infornation and the outcome is very hard to predict
6
Q
Risk
A
The possibility of something goung wrong
7
Q
Business plan
A
Setting out what a business does and what it wasnts to achieve in tne future
8
Q
Diversification
A
When a business starts selling new products in a sifferent market
9
Q
Recession
A
Hen the value of an economies goodsand services drop for 6 months or more
