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Decks in this class (42)
exam technique
How to tackle supply and demand q...,
How to draw s and d graphs 4,
How to tackle supply and demand q...
4
cards
1.1.1 The Economic Problem
Scarcity,
Scarce resource,
Opportunity cost
26
cards
1.1.2 Business Objectives
Profit,
Sales revenue,
Profit maximisation
23
cards
1.1.3 Stakeholders (economic agents) and their objectives
Stakeholders,
Economic agents,
Shareholders
30
cards
1.2.1 The role of an entrepreneur in the economy
Entrepreneur,
Creative destruction,
Disrupters
15
cards
1.2.2 Entrepreneurial motives
Profit,
Profit as an incentive,
Risks of entreprise
9
cards
1.2.4 Specialisation
Division of labour,
Specialisation,
Advantages of division of labour
7
cards
1.3.1 Demand
Demand,
Effective demand,
Latent demand
41
cards
1.3.2 Supply
Supply,
Supply curve,
What is quantity supplied
21
cards
1.3.3 Price Determination
Price determination,
Excess supply,
Excess demand
29
cards
1.3.4 Price Mechanism
Price mechanism,
Signalling as a pmf,
Rationing as a pmf
37
cards
1.3.5 Understanding the Customer
Market research,
Primary research,
Secondary research
28
cards
1.3.6 The Competition
Market positioning,
Market mapping,
Competitive advantage
28
cards
1.4.1 and 1.4.2 The Role of Banks in the Economy and Risk and Liability
Banks,
Interest payments,
Working capital
26
cards
1.4.3 Types and Sources of Credit
3 internal sources of finance,
3 internal sources of finance,
Owners equity
23
cards
1.5.1 Market failure and externalities
Private costs,
Private benefits,
External costs
30
cards
1.5.2 Government intervention and failure
The polluter pay principle,
Incentive,
What does gov intervention address
27
cards
1.6.1 Revenue and Costs and 1.6.2 Their relationship
What is sales volume and total re...,
Calculations for salves volume an...,
Costs involves for a business
15
cards
1.6.3 Profit and Loss
Gross profit,
Turnover sales revenue vc,
Finance expenses
22
cards
1.6.4 Business Survival and cash flow
Why would a business struggle in ...,
Difference between cash fand profit,
What is a cash flow forecast
9
cards
2.1.1 Growth
Economy of scale,
External economies of scale,
Mes
21
cards
2.1.1 Market power
Increased market power with econo...,
Monopoly power,
Monopsony power
16
cards
2.1.2 Methods of Growth
Organic growth,
Inorganic growth,
Merger
26
cards
2.1.3 R&D and Innovation
Process innovation,
Product innovation,
Product life cycle
24
cards
2.1.4 How the digital economy affect markets and firms
Digital economy,
Structural change,
Viral marketing
18
cards
2.1.5 How small firms compete
5 ways small firms can compete,
Product differentiation and usps,
Flexibility in responding to cons...
6
cards
2.2.1 Price elasticity of Demand
Price elasticity of demand,
Price elastic demand,
Price inelastic demand
20
cards
2.2.2 Competing on price and 2.2.3 Types of non-price competition
What are pricing strategies,
What do pricing strategies consider,
Types of pricing strategies
22
cards
2.2.4 Income elasticity of demand (YED)
Income elasticity of demand,
Normal goods,
Inferior goods
16
cards
2.3.1 Productivity
Productivity,
Capital intensive,
Labour intensive
15
cards
2.3.2 Capacity Utilisation
Capacity utilisation,
Benefits on cu,
What causes low cu
9
cards
2.3.3 Efficiency and competitiveness using lean production
Efficiency,
Lean production,
Quality control
22
cards
2.3.4 Impact on costs and sales revenue
Time based management,
Product development lead time,
Minimising waste of resources
6
cards
2.4.1 Life in the global economy
Globalisation,
Foreign direct investment,
International monetary fund
18
cards
2.4.2 Developed, Emerging and Developing economies
Brics,
Human development index,
Mean income and median income
17
cards
2.4.3 International trade
Specialisation,
Trade blocs,
Trade liberalisation
23
cards
2.4.4 Exchange rates
Exchange rates,
Er and d s,
When the supply of the pound incr...
10
cards
2.5.1 The Economic Cycle
The economic cycle,
4 phases in an economic cycle,
Key government macro objectives
16
cards
2.5.2 Circular flow of income, expenditure and output
Leakages in the economy,
Injections into the economy,
Aggregate demand
16
cards
2.5.3 Inflation
Price indices,
Consumer price index,
Retail price index
13
cards
2.5.4 Unemployment
Employment,
Unemployment,
Underemployment
23
cards
2.6.1 Macro objectives and 2.6.2 Policy instruments
Macro policy,
Econ growth as an mp,
Low unemployment as an mp
23
cards
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economics
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