External Influences (Edexcel A-Level Business): Flashcards

Factors making it difficult for businesses to enter a market

Reduces competition, shifts focus to non-price elements

Businesses agreeing on pricing & output for higher profits

Standardised goods identical regardless of producer

Primarily on price

Buyers & sellers access all info needed for rational decisions

Where only one firm operates in a market

Limited control, prices face downward pressure

Largest markets where businesses can compete worldwide

Significantly aids survival in competitive markets