2.6 Flashcards
1
Q
Market
A
Exists where there are buyers and sellers
2
Q
Competition
A
More than one business which attracts the same customers
3
Q
Monopoly
A
When a business doesnt face any competition
4
Q
Market share
A
Percentage of sales in a particular market recorded by a business
5
Q
Uncertaincy
A
When there is lack of information about the situation
6
Q
Risk
A
Possibility of something going wrong
7
Q
Business plan
A
Setting out what a business does and wants to achieve in the future
8
Q
Diversification
A
When a business starts selling new peoducts in a different market
9
Q
Recession
A
When the value of an economies goods and services drop for 6 months or more
