The competitive Environment Flashcards
1
Q
Barriers to entry
A
Factors that make it difficult or impossible for businesses to enter a market and compete with existing producers
2
Q
Cartel
A
A group of businesses (or countries) that joint together to agree on pricing and output in a market to try and gain higher profits at the expense of customers
3
Q
Colluding
A
Where several businesses or countries make agreements which benefit them at the expense of their rival competitors or customers
4
Q
Market structures
A
The characteristics of a market such as: the barriers to entry, the number of businesses or wether they produce identical products
