1
Q
Luxury
A
goods that consumers like to buy if they can afford them
e.g. air travels and fashion items
2
Q
Necessity
A
basic goods that consumers need to buy
e.g. food electricity and water
3
Q
Price elastic
A
quantity demand is responsive to a change in price
4
Q
PED
A
measures the responsiveness of quantity demanded to a change in price
always negative due to law of demand
5
Q
Price inelastic
A
quantity demanded for the product is less responsive proportionately to a change in price
Business
flashcards
Decks in class (161)
# Cards
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Exam Techniques6
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Formulas27
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The Market(1.1.1)31
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Key terms (1.1.1)18
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Market Research(1.1.2)32
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Key terms (1.1.2)25
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Market Positioning(1.1.3)15
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Key terms (1.1.3)6
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Demand(1.2.1)12
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Key terms (1.2.1)7
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Supply(1.2.2)12
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Key terms (1.2.2)3
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Markets(1.2.3)1
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Key terms (1.2.3)4
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Price Elasticity of Demand-PED(1.2.4)16
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Key terms (1.2.4)5
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Income Elasticity of Demand-YED(1.2.5)15
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Key terms (1.2.5)2
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Product or Service Design(1.3.1)18
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Key terms(1.3.1)12
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Branding and Promotion(1.3.2)23
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Key terms(1.3.2)16
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Pricing Strategies(1.3.3)31
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Key terms(1.3.3)8
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Distribution(1.3.4)26
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Key terms(1.3.4)11
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Marketing startegy(1.3.5)31
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Key terms(1.3.5)10
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Approaches to staffing(1.4.1)28
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Key terms(1.4.1)11
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Recruitment selection and training(1.4.2)27
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Key terms(1.4.2)7
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Organisational design(1.4.3)20
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Key terms(1.4.3)9
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Motivation and theory in practice(1.4.4)15
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Key terms(1.4.4)22
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Leadership(1.4.5)20
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Key terms(1.4.5)6
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Role of an entrepreneur(1.5.1)10
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Key terms(1.5.1)4
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Entrepreneurial motives and characteristics(1.5.2)9
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Key terms(1.5.2)7
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Business objectives(1.5.3)10
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Key terms(1.5.3)9
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Forms of business(1.5.4)24
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Key terms(1.5.4)9
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Business choices(1.5.5)5
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Key terms(1.5.5)2
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Entrepreneur to leader(1.5.6)10
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Key terms(1.5.6)1
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Internal finance(2.1.1)15
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Key terms(2.1.1)5
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External finance(2.1.2)44
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Key terms(2.1.2)12
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Liability(2.1.3)7
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Key terms(2.1.3)3
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Planning(2.1.4)10
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Key terms(2.1.4)8
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Sales forecasting(2.2.1)16
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Key terms(2.2.1)3
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Sales revenue and costs(2.2.2)14
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Key terms(2.2.2)6
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Break even(2.2.3)7
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Key terms(2.2.3)3
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Budgeting(2.2.4)18
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Key terms (2.2.4)6
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Profit (2.3.1)26
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Key terms (2.3.1)12
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Liquidity(2.3.2)15
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Key terms(2.3.2)15
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Business failure(2.3.3)15
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Key terms (2.3.3)5
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Production and productivity(2.4.1)38
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Key terms(2.4.1)9
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Capacity utilisation(2.4.2)10
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Key terms(2.4.2)5
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Stock control(2.4.3)20
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Key terms(2.4.3)12
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Quality management(2.4.4)16
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Key terms(2.4.4)7
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Economic influences(2.5.1)34
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Key terms(2.5.1)16
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Legislation(2.5.2)21
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Key terms(2.5.2)8
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Competitive environment(2.5.3)4
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Key terms(2.5.3)1
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Corporate objectives (3.1.1)8
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Key terms (3.1.1)4
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Theories of corporate strategy (3.1.2)25
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Key terms (3.1.2)12
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SWOT analysis (3.1.3)4
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Key terms (3.1.3)1
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Impact of external influences (3.1.4)37
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Key terms (3.1.4)6
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Growth (3.2.1)28
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Key terms (3.2.1)10
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Mergers and takeovers (3.2.2)29
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Key terms (3.2.2)4
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Organic growth (3.2.3)15
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Key terms (3.2.3)2
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Reasons for staying small (3.2.4)12
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Key terms (3.2.4)1
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Quantitative sales forecasting (3.3.1)24
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Key terms (3.3.1)7
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Investment appraisal (3.3.2)29
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Key terms (3.3.2)5
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Decision trees (3.3.3)7
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Key terms (3.3.3)3
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Critical path analysis (3.3.4)9
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Key terms (3.3.4)6
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Corporate influences (3.4.1)24
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Key terms (3.4.1)4
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Corporate culture (3.4.2)3
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Key terms (3.4.2)0
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Shareholders vs stakeholders (3.4.3)10
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Key terms (3.4.3)0
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Business ethics (3.4.4)12
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Key terms (3.4.4)0
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Interpretation of financial statements (3.5.1)9
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Key terms (3.5.1)0
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Ratio Analysis (3.5.2)12
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Key terms (3.5.2)0
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Human resources (3.5.3)0
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Key terms (3.5.3)0
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Causes and effects of change (3.6.1)0
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Key terms (3.6.1)0
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Key factors in change (3.6.2)0
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Scenario planning (3.6.3)0
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Key terms (3.6.3)0
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Growing economies (4.1.1)0
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Key terms (4.1.1)0
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International trade and business growth (4.1.2)0
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Key terms (4.1.2)0
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Factors contributing to increased globalisation (4.1.3)0
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Key terms (4.1.3)0
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Protectionism (4.1.4)0
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Key terms (4.1.4)0
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Trading blocs (4.1.5)0
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Key terms (4.1.5)0
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Conditions that prompt trade (4.2.1)0
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Key terms (4.2.1)0
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Assessment of a country as a market (4.2.2)0
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Key terms (4.2.2)0
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Assessment of a country as a production location (4.2.3)0
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Key terms (4.2.3)0
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Reasons for global mergers or joint ventures (4.2.4)0
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Key terms (4.2.4)0
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Global competitiveness (4.2.5)16
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Key terms (4.2.5)0
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Marketing (4.3.1)0
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Key terms (4.3.1)0
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Niche markets (4.3.2)0
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Key terms (4.3.2)0
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Cultural/social factors (4.3.3)1
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Key terms (4.3.3)0
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The impact of MNCs (4.4.1)0
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Key terms (4.4.1)0
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Ethics (4.4.2)0
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Key terms (4.4.2)0
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Controlling MNCs (4.4.3)0
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Key terms (4.4.3)0
