Understand the fundamental definition of a market and the nature of business competition.
Analyse the potential impacts of operating within highly competitive markets on a business's strategy and pricing.
Identify specific market situations in which businesses may operate with minimal or zero competition.
Understand the inherent risks that businesses face and explain why all business operations involve some degree of uncertainty.
Assess the motivations driving entrepreneurs to run businesses despite these risks, and detail the proactive activities businesses can undertake to minimise exposure to risk and uncertainty.
