F291 Continued

Question

What is economies of scale?

Answer 1

The reduction in average costs as a result of savings brought about by an increase in the scale of production

Answer 2

An increase in the long run average costs as a business expands beyond its ability to control and manage itself

Answer 3

A set of values or moral principles determining what is right or wrong and good or bad

Answer 4

The structure of the population in terms of people and their gender,age and ethnic origin

Answer 5

The reduction in average costs as a result of savings brought about by an increase in the scale of production

Answer 6

An increase in long run average costs as a business expands beyond its ability to control and manage itself

Answer 7

A set of values or moral principles determining what is right or wrong and good or bad

Answer 8

The structure of the population and their gender, age and ethnic origin

Answer 9

It may be costly

Answer 10

It would probably give the business a good reputation

Answer 11

may please stakeholders

Answer 12

May cause conflict between some stakeholders

Answer 13

Could attract new customers

Answer 14

May give edge over competition

Answer 15

May be difficult to define exactly what ethical is

Answer 16

May be attractive to potential employees

Answer 17

When there is a few large firms with a large market share e.g. petrol

Answer 18

When there is only one firm in the market or has 25% or more market share e.g. apple, microsoft, united utilities

Answer 19

Where there is a few large firms in the market e.g. petrol - total, shell, esso

Answer 20

When there is only one firm in the market or has 25% or more market share e.g. apple, microsoft, united utilities

Answer 21

When there is a few large firms in the market

Answer 22

Many firms, none of which are dominant and lots of different products cannot compete on price must have good deals/offers/products

Answer 23

Delegates responsibility, asks opinions/involves staff, allows other to make decisions

Answer 24

Parent figure, will ask staff opinions but final decision is made by leader on what they think is best

Answer 25

Make all decisions, like to be in control, believes workers are lazy and will not involve them or ask opinions

Answer 26

A parent figure that will ask staff opinions but they will have the final say

Answer 27

Will delegate responsibility to staff, involving them and asking their opinions. They allow other to make decisions

Answer 28

Let employees get on with their work and only lead/help if asked to

Answer 29

Act like a parent figure asking employees for their opinions but leader will make the final decision

Answer 30

Short/medium time period, easy to change once set, everyday objectives made by junior managers

Answer 31

Long term objectives, difficult to change them once set and are made by senior managers

Answer 32

The thing that is given up when a decision is made/the next best thing

Answer 33

The difference between the cost of materials and the selling price

Answer 34

The difference between the cost of materials and the selling price

Answer 35

The amount of profit made on an products after costs are covered

Answer 36

A good that is sold to the general public

Answer 37

A good that is sold to other businesses

Answer 38

Can only be used once/does not last long

Answer 39

Something that lasts long and can be used many times

Answer 40

Up to 3 years, used for day to day running of the business

Answer 41

Between 3-10 years and is most likely used to replace equipment, to expand or to change a regular overdraft into a formal loan

Answer 42

Longer than 10 years, usually spent on long term growth, spent on large products and are more risky

Answer 43

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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F291 Continued

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Resource summary

Question 1

Question 2

Question 3

Question 4

Question 5

Question 6

Question 7

Question 8

Question 9

Question 10

Question 11

Question 12

Question 13

Question 14

Question 15

Question 16

Question 17

Question 18

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	Created by hutchinson184 over 11 years ago