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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 2,
How to tackle supply and demand q...
4
cards
1.1.1 The Economic Problem
Scarcity 1,
Scarce resource 2,
Opportunity cost 3
26
cards
1.1.2 Business Objectives
Profit 1,
Sales revenue 2,
Profit maximisation 3
23
cards
1.1.3 Stakeholders (economic agents) and their objectives
Stakeholders 1,
Economic agents 2,
Shareholders 3
30
cards
1.2.1 The role of an entrepreneur in the economy
Entrepreneur 1,
Creative destruction 2,
Disrupters 3
15
cards
1.2.2 Entrepreneurial motives
Profit 1,
Profit as an incentive 2,
Risks of entreprise 3
9
cards
1.2.4 Specialisation
Division of labour 1,
Specialisation 2,
Advantages of division of labour 3
7
cards
1.3.1 Demand
Demand 1,
Effective demand 2,
Latent demand 3
41
cards
1.3.2 Supply
Supply 1,
Supply curve 2,
What is quantity supplied 3
21
cards
1.3.3 Price Determination
Price determination 1,
Excess supply 2,
Excess demand 3
29
cards
1.3.4 Price Mechanism
Price mechanism 1,
Signalling as a pmf 2,
Rationing as a pmf 3
37
cards
1.3.5 Understanding the Customer
Market research 1,
Primary research 2,
Secondary research 3
28
cards
1.3.6 The Competition
Market positioning 1,
Market mapping 2,
Competitive advantage 3
28
cards
1.4.1 and 1.4.2 The Role of Banks in the Economy and Risk and Liability
Banks 1,
Interest payments 2,
Working capital 3
26
cards
1.4.3 Types and Sources of Credit
Why do businesses need finance 1,
3 internal sources of finance 2,
Owners equity 3
23
cards
1.5.1 Market failure and externalities
Private costs 1,
Private benefits 2,
External costs 3
30
cards
1.5.2 Government intervention and failure
The polluter pay principle 1,
Incentive 2,
What does gov intervention address 3
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 3
15
cards
1.6.3 Profit and Loss
Gross profit 1,
Turnover sales revenue vc 2,
Finance expenses 3
22
cards
1.6.4 Business Survival and cash flow
Why would a business struggle in ...,
Difference between cash fand prof...,
What is a cash flow forecast 2
9
cards
2.1.1 Growth
Economy of scale 1,
External economies of scale 2,
Mes 3
21
cards
2.1.1 Market power
Increased market power with growth 1,
Monopoly power 2,
Monopsony power 3
16
cards
2.1.2 Methods of Growth
Organic growth 1,
Inorganic growth 2,
Merger 3
26
cards
2.1.3 R&D and Innovation
Process innovation 1,
Product innovation 2,
Product life cycle 3
24
cards
2.1.4 How the digital economy affect markets and firms
Digital economy 1,
Structural change 2,
Viral marketing 3
18
cards
2.1.5 How small firms compete
5 ways small firms can compete 1,
Product differentiation and usps 2,
Flexibility in responding to cons...
6
cards
2.2.1 Price elasticity of Demand
Price elasticity of demand 1,
Price elastic demand 2,
Price inelastic demand 3
20
cards
2.2.2 Competing on price and 2.2.3 Types of non-price competition
What are pricing strategies 1,
What do pricing strategies consid...,
Types of pricing strategies 3
22
cards
2.2.4 Income elasticity of demand (YED)
Income elasticity of demand 1,
Normal goods 2,
Inferior goods 3
16
cards
2.3.1 Productivity
Productivity 1,
Capital intensive 2,
Labour intensive 3
15
cards
2.3.2 Capacity Utilisation
Capacity utilisation 1,
Benefits on cu 2,
What causes low cu 3
9
cards
2.3.3 Efficiency and competitiveness using lean production
Efficiency 1,
Lean production 2,
Quality control 3
22
cards
2.3.4 Impact on costs and sales revenue
Time based management 1,
Product development lead time 2,
Minimising waste of resources 3
6
cards
2.4.1 Life in the global economy
Globalisation 1,
Foreign direct investment 2,
International monetary fund 3
18
cards
2.4.2 Developed, Emerging and Developing economies
Brics 1,
Human development index 2,
Mean income and median income 3
17
cards
2.4.3 International trade
Specialisation 1,
Trade blocs 2,
Trade liberalisation 3
23
cards
2.4.4 Exchange rates
Exchange rates 1,
Er and d s 2,
When the supply of the pound incr...
10
cards
2.5.1 The Economic Cycle
The economic cycle 1,
4 phases in an economic cycle 2,
Key government macro objectives 3
16
cards
2.5.2 Circular flow of income, expenditure and output
Leakages out of the economy 1,
Injections into the economy 2,
Aggregate demand 3
16
cards
2.5.3 Inflation
Price indices 1,
Consumer price index 2,
Retail price index 3
13
cards
2.5.4 Unemployment
Employment 1,
Unemployment 2,
Underemployment 3
23
cards
2.6.1 Macro objectives and 2.6.2 Policy instruments
Macro policy 1,
Econ growth as an mp 2,
Low unemployment as an mp 3
23
cards
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economics
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