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Competitive environment key terms
Study Competitive environment with curriculum-aligned Key Terms resources, practice links, and exam-focused support.
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key terms
Resource type
Topic
Competitive environment
Key terms
competition
The presence of other firms offering similar products or services, which influences pricing, quality, and innovation.
Competition
The rivalry between businesses that offer similar products or services to the same customers, aiming to attract more sales and market share.
Monopoly
A market structure in which a single firm is the sole supplier of a product or service, with no close substitutes and significant barriers to entry.
Risk
Risk is the probability that an event will occur which could have a negative impact on a business’s objectives.
entrepreneur
A person who initiates and runs a business, assuming financial risk in pursuit of profit and innovation.
Risk
The possibility that an event will occur which could have a negative impact on a business’s objectives.
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