Flashcards
1.3.2 Identifying a Business Opportunity
Cards in this deck (11)
- 1Definition of a MarketA place where buyers and sellers meet, in order to exchange goods and services for money
- 2Definition of DemandThe quantity of a good/service that buyers wish (or are willing) to purchase at a given price
- 3A Change in price results in a 'what' along the demand/Supply curveMovement
- 4Three factors which result in a Shift along the Demand CurvePrice of other goods
Advertising
Attitudes & Information - 5Definition of SupplyThe amount of a product that suppliers offer for sale at a given price
- 6Is supply a direct or indirect relationship between price and quantity?Direct
- 7Three other factors which result in a Shift along the supply curveCost of production
Changes in production technology
Government Taxes/Subsistutes - 8Definition of Equilibrium PriceThe price at which quantity demanded is the same as quantity supplied
- 9What can be called 'The Market Clearing Price'?Equilibrium Price
- 10Definition of Market OrientationWhere the needs of the customer are overriding priority in the production & marketing of products/services
- 11Market orientation can lead to...Brand Loyalty which results in the company being able to charge high prices
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- A Level Business Studies (Developing Business Ideas) Flashcards on 1.3.2 Identifying a Business Opportunity, created by Molly Hills on 13/11/2014.
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- Molly Hills
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