Front

Competition

Back

Where different firms are trying to sell a similar product to a customer

Front

Competitive market

Back

where a large number of firms compete with each other to satisfy the wants and needs of a large number of consumers

Front

Barriers to entry

Back

ways in which new firms are prevented from entering a particular industry

Front

Product differentiation

Back

setting one product apart from another by emphasising a particular aspect or aspects; it is used to increase consumer interest

Front

Monopoly

Back

the sole producer or seller of a good or service

Front

Consumer sovereignty

Back

the power of consumers over how the market allocates resources through determining what is produced and for whom.