Business GCSE
Situations of minimal or no competition
What Situations of minimal or no competition means in Business GCSE, as defined for AQA.
Definition of Situations of minimal or no competition
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Read the wording for your board, then hide it and explain Situations of minimal or no competition in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
These include a local monopoly such as the only convenience store in a remote village, a patent-protected pharmaceutical, a sole supplier of a specialised industrial component, or a new market with no existing rivals.
Topics that use Situations of minimal or no competition
- Competitive environment (AQA GCSE)
Related terms
- Business response
- Competition
- Competitive pressure
- Entrepreneurial motives and rewards
- Impact of competition on pricing and profitability
- Market
- Price and non-price competition
- Reward
Using Situations of minimal or no competition in the exam
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