Competition
What Competition means in Economics GCSE, as defined for AQA, Pearson Edexcel.
Definitions of Competition
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Check what you remember
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Reference: AQA
A market situation with many small firms, often identical products and low barriers allowing new producers to enter easily.
The rivalry between two or more businesses striving for the same customers or market share.
Topics that use Competition
- The importance of market structures on producers and consumers (AQA GCSE)
- Business competition (Pearson Edexcel GCSE)
Related terms
- Competitive markets
- Market Structure
- Market structures
- Monopoly
- Non-price competition
- Oligopoly
- Spectrum of competition
- Oligopoly characteristics
Using Competition in the exam
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