Chapter 2.6 The Competitive Environment. Flashcards
1
Q
What is a Market?
A
Markets exist where there are buyers and sellers.
2
Q
What is a competition?
A
It exists when more than one business is attempting to attract the same customers.
3
Q
What is a monopoly?
A
It exists when a business does not face any competition in a particular market.
4
Q
What is a market share?
A
It is the percentage of sales in a particular market recorded by a business.
