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Karteikarten

Edexcel AS Business and Economics- Unit 2B

silverbubble98 Englisch 57 Karten

Karten in diesem Stapel (57)

  1. 1Adding ValueThe value of output minus the cost of inputs.
    Adding value can enhance the attractiveness of the product to consumers and increase profit
  2. 2Aggregate demandThe total of all the demand in an economy, (from consumers, investment, government expenditure and the balance between exports and imports)
  3. 3Aggregate demand Curverepresents the total level of demand in the economy at different price levels, displayed as a diagram
  4. 4Aggregate supply curveThe total quantities of output in the economy at different price levels. Displayed as a diagram
  5. 5Bank rateThe rate of interest, generally set by central banks and other interest rates tend to be set around it. It is sometimes called base rate.
  6. 6BankruptcyA situation where an individual of a business has insufficient cash or other assets with which to settle debts. A business will be forced to crease trading.
  7. 7Barriers to entryObstacles which make it difficult for new firms to enter a market. For example: High start-up costs requiring heavy investment.
  8. 8BoomA time of rapid economic growth, typically linked with lower unemployment and rising inflation.
  9. 9Brand loyaltyCustomers may make repeat purchases and avoid competing products. This may make demand for the brand less price elastic.
  10. 10Bulk buying economiesOccur when businesses are purchasing large enough quantities to be charged a lower price per unit (either because unit supplier costs are reduced or because the buyer has market power).
  11. 11Capital goodsProductive assets, acquired by investment, which are expected to make a contribution to future output.
  12. 12Capital IntensiveProduction uses large amounts of capital equipment and relatively little labour. Productivity will usually be high.
  13. 13Cell productionInvolves splitting a production process into sizeable steps, each of which becomes the responsibility of a team of employees.
  14. 14Chain of commandThe sequence of authority down which instructions are passed in an organisation.
  15. 15ChoiceInvolves deciding on priorities in the light of what can be afforded. (Consumers’ choices are based on what can be afforded with the available income.)
  16. 16Competitive advantageAny quality which gives the business an edge over rivals. For example Lower costs, or better technology.
  17. 17Complementary goodsProducts that tend to be used to together or compliment each other. (For example MP3 players and music downloads)
  18. 18Consumer sovereigntyConsumers ultimately control the allocation of resources by choosing what to buy.
  19. 19Consumer price index (CPI)An index based on a weighted collection of goods and services, intended to reflect the impact of price changes on a typical household.
  20. 20Contingency planningPreparing for unwelcome or unlikely but possible problems.
  21. 21Corporate social responsibilityAccepting that organisations must take account of their impacts on the community and environment, show consideration and behave ethically.
  22. 22Cost differentialA difference in cost compared to rivals. This can be a lower cost advantage.
  23. 23Cyclical unemploymentOccurs because of falls in aggregate demand during the downturn of the trade cycle and subsequent recession.
  24. 24DecentralisationOccurs when decision-making powers are given to local branches or individual divisions within the business, rather than deciding everything at the head office.
  25. 25DelayeringInvolves the removal of one or more levels from a hierarchical management structure.
  26. 26DelegatingAllowing people who are lower down in the chain of command to make decisions.
  27. 27Demand curveGraphical representation of the relationship between quantity demanded and price, for a product in a market. (Non-price factors influencing demand are assumed to be fixed; any change in them causes a shift to a new demand curve)
  28. 28DepreciationThe loss of performance and value in capital equipment over time. Part of gross investment is to offset depreciation.
  29. 29DifferentiateMaking your product stand out from others, either by distinctive features of persuasive advertising. A differentiated product may have a competitive edge.
  30. 30Diseconomies of scaleIncreases in unit cost that occur as a business grows larger, often associated with communications issues or costs of coordination.
  31. 31DiversificationSpreading business risks by developing the range of products, the markets it is sold in, or both.
  32. 32Economic cycleTendency of national or global economic activity to fluctuate between upswing, boom, downturn and recession.
  33. 33Economies of scaleWays in which increased in output and capacity can reduce costs per unit of output and increase efficiency
  34. 34Effective demandThe combination of desire for a product or service with the ability and readiness to pay.
  35. 35EntrepreneurPeople who take the risk and responsibility to set up a business
  36. 36Equilibrium priceThe price at which quantity supplied and quantity demanded are equal in a market, leaving neither excess supply nor excess in demand
  37. 37Exchange RatesThe price of one country’s currency expressed in terms of another
  38. 38External economiesReductions in unit costs that occur as output rises and are shared by a whole industry rather than limited to a single firm.
  39. 39Financial economiesWhen lenders offer big businesses lower interest rates because they look less risky.
  40. 40Free market economyWhere activity is directed by entrepreneurs and private organisations rather than the state. There are no totally free market economies, but the private sector is larger than the public sector in many economies.
  41. 41Frictional unemploymentUnemployment due to movement between jobs in a dynamic economy. Frictional unemployment is normally regarded as relatively short term and less problematic than other types of unemployment.
  42. 42Gross domestic product (GDP)The sum of the value of a country’s output over the course of a year.
  43. 43HedgingSigning contracts for future completion
    (e.g for delivery of materials) at prices fixed now. This can reduce uncertainty over future costs and can be used to spread risks by mixing future with spot contracts.
  44. 44Hierarchical structureAn organisation with multiple layers of management often associated with centralised decision-making.
  45. 45Homogenous productsProducts are identical to one another. It is impossible to distinguish one producer’s output from another’s.
  46. 46Human capitalRefers to the knowledge and skills embodied in people. These are now known to increase productivity very markedly.
  47. 47Imperfect competitionCovers any market situation between the extremes of perfect competition and monopoly. Most real-world markets show characteristics of imperfect competition. Competition may be quite strong but producers are never without an element of market power.
  48. 48IncentiveA reward which stimulates activity. (The rewards are often, but not always financial.)
  49. 49IncomeThe flow of money received by an individual or a household over time. (Incomes are often a reward for economic activity.)
  50. 50Inferior goodsConsumers switch away from them as rising incomes allow them to buy more attractive alternatives. Sales of inferior goods are likely to increase when incomes fall. (An example might be supermarket value lines as opposed to leading brands.)
  51. 51Informative advertisingPaid for communication about product availability, features, and price. It is essentially factual (though boundaries can become blurred).
  52. 52InflationA sustained rise in the average prices of goods within an economy / a fall in the purchasing power of money.
    Two types: cost-push inflation and demand-pull inflation.
  53. 53Internal economiesLong run reductions in costs per unit resulting from expansion of a single business.
  54. 54Interest RatesThe cost of borrowing money or the reward for saving.
  55. 55KaizenCarefully scheduling the arrival of material and components to the production process in small quantities as they are required. This reduces the cost of stock holding and the space required.
  56. 56KanbanA card system used to guide progress through the production system to exact specifications with precise material and components supplies.
  57. 57Knowledge economyIntellectual skills, command of knowledge, understanding and ideas have all become central to economic activity, and more important than physical effort.

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Karteikarten am Edexcel AS Business and Economics- Unit 2B , erstellt von silverbubble98 am 01/06/2015.
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