1
Q
What does “demand is elastic” mean?
A
If demand is elastic the percentage change in demand is greater than the percentage change in price, the elasticity coefficient is greater than 1 and total revenue will change in the opposite direction as the change in price.
2
Q
Identify four measures of elasticity.
A
- Elasticity of Demand
- Elasticity of Supply
- Income Elasticity of Demand
- Cross Elasticity of Demand
3
Q
Define “ elasticity of supply”.
A
The percentage change in the quantity of a commodity supplied as a result of a given percentage change in the price of the commodity.
4
Q
Define “elasticity” (as used in economics).
A
Measures the percentage change in a market factor as a result of a given percentage change in another market factor.
5
Q
Define “elasticity of demand”.
A
The percentage change in quantity of a commodity demanded as a result of a given percentage change in the price of the commodity.
Business Environment and Concepts
flashcards
Decks in class (144)
# Cards
-
Corporate Rights, Responsibilities, and Authority6
-
Types and Principles of Accounting Controls8
-
Introduction to COSO and the COSO Cube5
-
17 Principles of Internal Control6
-
The COSO ERM Model7
-
Risk Management Policies and Procedures5
-
Internal Control Monitoring Purpose and Terminology18
-
Process of Monitoring Internal Control6
-
Introduction to International Professional Practices Framework9
-
Attribute Standards5
-
Performance Standards8
-
Introduction to Economic Concepts15
-
Introduction and Free-Market Model5
-
Demand7
-
Supply7
-
Market Equilibrium6
-
Elasticity5
-
Consumer Demand and Utility Theory5
-
Inputs and the Cost of Production8
-
Introduction to Market Structure1
-
Perfect Competition5
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Perfect Monopoly5
-
Monopolistic Competition5
-
Oligopoly5
-
Summary of Market Structure5
-
Introduction to Macroeconomics3
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Gross Measures - Economic Activity8
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Gross Measures - Employment/Unemployment6
-
Aggregate Deman10
-
Aggregate Supply5
-
Aggregate (Economy) Equilibrium5
-
Business Cycles6
-
Price Levels and Inflation/Deflation6
-
Money, Banking, and Monetary Policy5
-
Introduction and Reasons for International Activity5
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Issues at National Level5
-
Role of Exchange Rate3
-
Currency Exchange Rate Issue8
-
Transfer Price Issue5
-
Introduction to Globalization3
-
Globalization of Trade3
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Globalization of Production2
-
Globalization of Capital Markets2
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Globalization and Power Shifts2
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Becoming Global3
-
Introduction to Business Strategy and Market Analysis3
-
Macro-Environmental Analysis5
-
Industry Analysis7
-
Entiy/Environment Relationship Analysis4
-
Generic Strategies4
-
Summary and Extensions3
-
Introduction to Financial Management2
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Cost Concepts9
-
Time Value of Money Tools6
-
Interest Rate Concepts and Calculations9
-
Introduction to Financial Valuation5
-
Valuation Techniques - General3
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Valuation Techniques - CAPM5
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Valuation Techniques - Option Pricing4
-
Valuation Techniques - Business Entity4
-
Introduction to Forecasts and Trends3
-
Quantitative Methods4
-
Introduction and Project Risk7
-
Introduction and the Payback Period Approach6
-
Discounted Payback Period Approach4
-
Accounting Rate of Return Approach5
-
Net Present Value Approach5
-
Internal Rate of Return Approach5
-
Profitability Index and Ranking3
-
Capital Project Ranking Decisions5
-
Introduction and Financial/Capital Structure4
-
Introduction to Short-Term Financing2
-
Payables8
-
Stand-by-Credit and Commercial Paper7
-
Receivables and Inventory7
-
Introduction to Long-Term Financing2
-
Long-Term Notes and Financial Leases7
-
Bonds7
-
Preferred Stock8
-
Common Stock5
-
Cost of Capital and Financing Strategies6
-
Introduction to Working Capital Management5
-
Capital Management7
-
Short-Term Securities Management6
-
Accounts Receivable Management5
-
Inventory Management8
-
Current Liabilities Management4
-
Introduction to Ratio Analysis3
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Liquidity Measures6
-
Operational Activity Measures6
-
Profitability Measures9
-
Equity/Investment Leverage Measures5
-
Risk Concepts - Summary9
-
Risks and Controls in Computer-Based Accounting Information Systems4
-
The COBIT Model and ITGovernance and Management5
-
Enterprise-Wide and Cloud-Based Systems8
-
Organizational Continuity Planning and Disaster Recovery6
-
IT Functions and Controls Related to People6
-
System Development and Implementation15
-
Program Library, Documentation, and Record Management7
-
Input and Origination Controls10
-
Processing, File, and Output Controls9
-
Introduction to E-Business and E-Commerce7
-
E-Commerce Applications6
-
System Types by Activity8
-
System Types by Data Structure7
-
Mobile Device, End-User, and Small Business Computing6
-
Data Structures, Software and Databases9
-
Information Systems Hardware10
-
Transaction Processing8
-
Multi-Location System Structure2
-
Computer Networks and Data Communication10
-
The Internet - Structure and Protocols10
-
Backup and Restoration6
-
Logical Access Controls9
-
Physical Access Controls8
-
Encryption and Secure Exchanges9
-
Computer Crime, Attack Methods, and Cyber-Incident Response11
-
Manufacturing Costs8
-
Spoilage, Cost, and Inventory Flow5
-
Cost Behavior Patterns2
-
Activity-Based Costing and Process Management7
-
Absorption and Direct Costing3
-
Absorption and Direct Costing Effects5
-
Job Costing and Overhead Allocation14
-
Process Costing7
-
Joint and By-Product Costing6
-
Budgeting7
-
Forecasting Techniques6
-
Cost-Volume-Profit Analysis Calculations5
-
Cost-Volume-Profit Analysis Issues and Graphics4
-
Sales and Direct Cost Variance Analysis5
-
Overhead Variance Analysis4
-
Relevant Costs 14
-
Relevant Costs 23
-
Transfer Pricing8
-
Quality and Inventory Management6
-
Balanced Scorecard and Benchmarking6
-
Strategic Management7
-
Competitive Analysis6
-
Ratio Analysis6
-
Risk Management4
-
Performance Management6
-
Project Management7
