Topic study hub
Competitive environment
Study how competition and uncertainty influence business decisions and risk management.
6
Objectives
10
Flashcards
10
Questions
90 min
Study time
AqaGcseBusinessInfluences on business
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Syllabus checklist
What you need to know
6 objective pages available
Competition and markets3 objectives
- Explain the meaning of a market and competition.
- Analyse potential impacts of competition on businesses.
- Identify situations where businesses face minimal or no competition.
Uncertainty and risk3 objectives
- Explain risks businesses face and why all businesses face uncertainty.
- Explain why entrepreneurs embark on running businesses despite risk.
- Explain activities businesses can use to minimise risks.
Key terms
marketcompetitionAnalyseIdentifyuncertaintyriskentrepreneurExplain
Exam tips
- Competition and markets exam tip 1: Use precise subject-specific vocabulary when you explain how to explain the meaning of a market and competition..
- Competition and markets exam tip 1: Use precise subject-specific vocabulary when you explain how to analyse potential impacts of competition on businesses..
Common mistakes
- Competition and markets common mistake 1: Answer by clearly explaining how to explain the meaning of a market and competition..
- Competition and markets common mistake 1: Answer by clearly explaining how to analyse potential impacts of competition on businesses..
Practice preview
- SwiftServe serves small retailers while taking a loan; the case evidence includes capacity utilisation of ?6,971, sales of 626 units, and a 36% change in costs or demand. Which option best applies Explain the meaning of a market and competition?
- MetroMove serves repeat customers while raising prices; the case evidence includes unit contribution of ?8,654, sales of 849 units, and a 9% change in costs or demand. Which option best applies Explain the meaning of a market and competition?
- QuickFix Repairs serves small retailers while taking a loan; the case evidence includes capacity utilisation of ?7,899, sales of 494 units, and a 12% change in costs or demand. Which option best applies Explain the meaning of a market and competition?
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