98650
Descrição
Quiz por hutchinson184, atualizado more than 1 year ago
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Criado por hutchinson184
mais de 11 anos atrás
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Questão 1
Questão
What is economies of scale?
Responda
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The reduction in average costs as a result of savings brought about by an increase in the scale of production
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An increase in the long run average costs as a business expands beyond its ability to control and manage itself
Questão 2
Questão
What is demographics?
Responda
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A set of values or moral principles determining what is right or wrong and good or bad
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The structure of the population in terms of people and their gender,age and ethnic origin
Questão 3
Questão
What is diseconomies of scale?
Responda
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The reduction in average costs as a result of savings brought about by an increase in the scale of production
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An increase in long run average costs as a business expands beyond its ability to control and manage itself
Questão 4
Questão
What are ethics?
Responda
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A set of values or moral principles determining what is right or wrong and good or bad
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The structure of the population and their gender, age and ethnic origin
Questão 5
Questão
What are the benefits of acting ethically?
Responda
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It may be costly
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It would probably give the business a good reputation
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may please stakeholders
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May cause conflict between some stakeholders
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Could attract new customers
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May give edge over competition
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May be difficult to define exactly what ethical is
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May be attractive to potential employees
Questão 6
Questão
What is a monopoly?
Responda
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When there is a few large firms with a large market share e.g. petrol
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When there is only one firm in the market or has 25% or more market share e.g. apple, microsoft, united utilities
Questão 7
Questão
What is an oligopoly?
Responda
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Where there is a few large firms in the market e.g. petrol - total, shell, esso
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When there is only one firm in the market or has 25% or more market share e.g. apple, microsoft, united utilities
Questão 8
Questão
What is a fiercely competitive market?
Responda
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When there is a few large firms in the market
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Many firms, none of which are dominant and lots of different products cannot compete on price must have good deals/offers/products
Questão 9
Questão
What is an autocratic leader?
Responda
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Delegates responsibility, asks opinions/involves staff, allows other to make decisions
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Parent figure, will ask staff opinions but final decision is made by leader on what they think is best
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Make all decisions, like to be in control, believes workers are lazy and will not involve them or ask opinions
Questão 10
Questão
What is a democratic leader?
Responda
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A parent figure that will ask staff opinions but they will have the final say
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Will delegate responsibility to staff, involving them and asking their opinions. They allow other to make decisions
Questão 11
Questão
What is a paternalistic leader?
Responda
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Let employees get on with their work and only lead/help if asked to
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Act like a parent figure asking employees for their opinions but leader will make the final decision
Questão 12
Questão
What is a strategic objective?
Responda
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Short/medium time period, easy to change once set, everyday objectives made by junior managers
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Long term objectives, difficult to change them once set and are made by senior managers
Questão 13
Questão
What is opportunity cost?
Responda
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The thing that is given up when a decision is made/the next best thing
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The difference between the cost of materials and the selling price
Questão 14
Questão
What is adding value?
Responda
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The difference between the cost of materials and the selling price
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The amount of profit made on an products after costs are covered
Questão 15
Questão
What is a consumer good?
Responda
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A good that is sold to the general public
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A good that is sold to other businesses
Questão 16
Questão
What are consumer non-durable goods?
Responda
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Can only be used once/does not last long
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Something that lasts long and can be used many times
Questão 17
Questão
What is short term finance?
Responda
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Up to 3 years, used for day to day running of the business
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Between 3-10 years and is most likely used to replace equipment, to expand or to change a regular overdraft into a formal loan
Questão 18
Questão
What is long term finance?
Responda
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Longer than 10 years, usually spent on long term growth, spent on large products and are more risky
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Between 3-10 years and most likely to be used to replace equipment, to expand, and to change regular overdraft into formal medium term loan
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