Which of these statements describes a competitor?
A business that sells something completely different
A business that sells a similar product but at a much higher quality and price
A business that sells a similar product at a similar level of quality and price
What does USP stand for?
Unique selling point
Unique selling price
Unique selling potential
Which is an internal risk to a business?
Natural disasters
Losing good employees to competitors
New laws
Which is an external risk to a business?
Fire or theft
Industrial action
New competitors
How many businesses exist in a true monopoly?
One
Less than five
Between five and 10
What must exist in a market?
Government and businesses
Suppliers and competition
Buyers and sellers
What type of competition does a supermarket face?
None
A small number of large competitors
Lots of small competitors
What is uncertainty?
The possibility of something going wrong
When a lack of information makes the outcome difficult to predict
The reward for taking risks
What are prices usually like in a monopoly market?
High
Low
Constantly changing
Which type of business is likely to have lots of small-medium sized competitors?
Bakery
Cinemas
Mobile phones