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business studies > markets > Flashcards

markets Flashcards

1
Q

what is a market

A

anywhere where buyers and sellers communicate to exchange goods/services

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2
Q

what is a consumer goods and services market

A

sells finished goods/services of consumables or perishables

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3
Q

what is a capital goods market

A

capital goods are sold to make final products (business to business)

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4
Q

what is a labour market

A

where employers and work seekers meet

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5
Q

factors affecting demand for labour from business

A

demand for product

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6
Q

factors affecting demand for labour from population

A

better wage rates
better hours
geographical location - close to home

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7
Q

what is a mass market

A

large market where consumer wants are not specific

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8
Q

advantages of a mass market

A

large scale production benefit from EOS
higher revenue
can advertise to everyone

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9
Q

disadvantages of mass marketing

A

lots of competition
lots of similar products
can’t change product to meet customer wants mass producing

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10
Q

what is a niche market

A

small firms find a profitable niche

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11
Q

advantages of niche marketing

A

less competition
charge premium
clear focus

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12
Q

disadvantages of niche marketing

A

invites competition if successful
lack of EOS
over dependant on one product

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13
Q

how to calculate market size

A

units sold x price

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14
Q

how to calculate market share

A

sales of firm/sales of market as a whole (including particular firm) x100

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15
Q

what is supply and demand

A

buyers demand goods and sellers supply goods to be sold at particular price

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16
Q

what happens when price falls

A

demand rises

17
Q

what happens when price rises

A

demand falls

18
Q

what happens to demand curve when price increases

A

causes movement negatively along the curve

19
Q

what factors influence demand

A

trending product
advertising
seasonality

20
Q

what happens to supply when price falls

A

supply decreases due to it being in demand

21
Q

what happens to supply when price rises

A

supply increases

22
Q

what does an increase in demand cause

A

increase in price and quantity

23
Q

what does a decrease in demand cause

A

decrease in price and quantity

24
Q

what does an increase in supply cause

A

decrease in price increase in quantity due to over production so they lower prices to sell surplus

25
Q

what does a decrease in supply cause

A

increase price lower quantity

business studies (11 decks)

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