barrier to entry Flashcards
what is a barrier to entry?
factor that make it hard if not impossible to enter a market
what is a cartel?
when a group of business come together to control pricing and market output
what is colluding?
were several business make agreements which benefit them but not other business
what is market structure?
characteristics of a market such as the barrier to entry and the number of business in the market
what is anti competitive (restrictive practice)?
attempts by firms to prevent or restrict competition
what is discrimination?
favouring one person over another
what is employment tribunal?
a court that deals with disputes between employers and employees
what is the national minimum wage?
a wage rate set by the government which it is illegal for business to go under.
what is unfair dismissal
the illegal dismissal of a worker by a business
