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Erstellt von Jack Sharp
vor fast 10 Jahre
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Frage | Antworten |
SCARCITY | Resources are limited in supply, e.g. raw materials, time. |
SATISFACTION | The enjoyment received when consuming a product or service (or resources). |
OPPORTUNITY COST | The next best alternative that wasn’t chosen. This should be given a £ value so it can be compared to the possibility that was chosen. |
TRADE - OFF | where the selection of one choice results in the loss of another |
REVENUE | The money earned from selling products and services. It is calculated by multiplying the selling price by the quantity sold. |
PRICE SENSITIVITY | How people will respond to a change in price. This is mainly determined by the number of alternatives people have. If demand is price sensitive then firms should choose a low cost strategy as the revenue gained is higher than the revenue lost. |
SUBSTITUTE | Something that is an alternative for something. |
NECESSITY | A good or service that a consumer views as essential. |
DIVIDENDS | The payment made to shareholders from the profits of a company. |
CONFLICT OF INTEREST | Where different groups of stakeholders each have a different perspective on an issue eg pressure groups and shareholders |
EXTERNALITIES | The side-effects of a decision on other people outside of the decision making process. These effects could be positive eg jobs or negative eg pollution. |
NEGATIVE EXTERNALITIES | These are costs that other people face due to the decisions of others that they aren’t compensated for eg pollution and ill health. These are often unintentional |
POSITIVE EXTERNALITIES | These are benefits that people receive as a result of other’s decision that they have not paid for eg improved infrastructure and jobs. These are also often unintentional |
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