legislation and competitive environment

Question 1

anti competitive or restrictive practices

Answer 1

attempts by firms to prevent or restrict competition

Question 2

barriers to entry

Answer 2

obstacles that make it difficult for new firms to enter a market

Question 3

collusion

Answer 3

two or more businesses agreeing to a restrictive practice, such as price fixing

Question 4

contract of employment

Answer 4

a written agreement between an employer and an employee in which each has certain obligations

Question 5

discrimination

Answer 5

favouring one person over another

Question 6

employment tribunal

Answer 6

a court that deals with cases involving disputes between employers and employees

Question 7

national minimum wage

Answer 7

a wage rate set by the government below which it is illegal to pay people at work

Question 8

unfair dismissal

Answer 8

the illegal dismissal of a worker by a business

Question 9

barriers to entry

Answer 9

factors which make it difficult for businesses to enter a market and compete with existing competitors

Question 10

cartel

Answer 10

a group of businesses or countries which join together to agree on pricing and output in a market in an attempt to gain higher profits at the expense of customers

Question 11

colluding

Answer 11

where several businesses or countries make agreements amongst themselves which benefit them at the expense of either rival businesses or customers

Question 12

market structures

Answer 12

the characteristics of a market, such as the size of the barriers to entry to the market, the number of businesses in the market or whether they produce identical products, which determine the behaviour of businesses within the market