What is the relationship between business risk, financial risk, and beta (systematic or market risk).

Business risk is the possibility that a company will have a lower than expected profits or that it will experience a loss rather than a profit. Business risk can be influenced by a number of factors, including sales volumes, per-unit price, input costs, competition, and overall economic climate and government regulations. A business with a higher business risk should choose a capital structure that has a lower debt ratio to ensure that it can meet its financial obligations at all times.
Financial risk is the possibility that shareholders will lose money when they invest in a company that has debt, if the company’s cash flow proves insufficient to meet its financial obligations. When a company uses debt financing its creditors will be repaid before its shareholders if the company becomes bankrupt.
Beta (systematic or market risk) represents the risk intrinsic to the complete market or the complete market segment. It also represents the chance that an entire market will experience a downturn or even fail. Sources of economic risk are recessions, wars, interest rates, and natural disasters.