Cours Anglais Advantages to competition

Advantages to competition video

Be able to identify advantages to competition in business

“A big fish in a small pond” expression from video

Monopoly video

Be able to define the term “monopoly”

Identify whether or not monopolies are good for or bad for consumers, in which situations are monopolies allowed?

What are patents used for?

To step in

To enforce

Price gouging

A trade-off

To run out

(To charge) rates

Utility: an organisation supplying the community with gas, electricity or sewage, a company that provides a public service

A patent

Risk Taking and Competition Booklet

Competition Idioms:

A level playing field

In the driving seat

To be neck and neck

Flogging a dead horse

Move the goal posts

Keep your eye on the ball

Ahead of the game

A one-horse race

On the ropes

Market Structure

Market leader: the company selling the largest quantity of a particular product. Company with the largest market share.

Market challenger:  firm that has a market share below that of the market leader, but enough of a presence that it can exert upward pressure in its effort to gain more control.

Market followers: is a company that follows what the market leader does. A market follower does not like taking risks.

Market segmentation: the process of dividing a market of potential customers into groups, or segments, based on different characteristics. 

Niche: a specialised segment of the market for a particular kind of product or service, unique

Differentiated: distinguished, what makes something different

(USP) Unique Selling Proposition: a feature or characteristic of a product, service, etc. that distinguishes it from others of a similar nature and makes it more appealing.

Psychological: related to the mental and emotional state of a person  

Perfect competition: very rare, more of an abstract term, situation where all producers in the market are too small to affect the price, perfect competition is a type of market structure where many firms sell similar products – and profits are virtually non-existent due to fierce competition.

Imperfect competition: a competitive market situation where there are many sellers, but they are selling heterogeneous (dissimilar) goods as opposed to the perfect competitive market scenario; situation where even one producer can affect the price of a product or service by increasing or withholding output

Monopoly: when one company is the sole or near sole provider of a good or service

Oligopoly: a market structure with a small number of firms, none of which can keep the others from having significant influence. A monopoly is one firm, a duopoly is two firms and an oligopoly is two or more firms. (common in the airline industry, grocery stores, banking, soft-drinks), situation where there are only a few sellers

Cartel: A cartel occurs when two or more firms enter into agreements to restrict the supply or fix the price of a good in a particular industry. Cartels are considered to be against the public interest. 

Anti-trust laws: laws developed by the U.S. government to protect consumers from predatory business practices. They ensure that fair competition exists in an open-market economy.

Natural monopolies: Natural monopolies can arise in industries that require unique raw materials, technology, or similar factors to operate. : A natural monopoly occurs when the most efficient number of firms in the industry is one. (I.e. tap water, gas, electricity, railway infrastructure)

Utility company

Market share: the portion of a market controlled by a particular company or product.

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