home

Edexcel Economics 6. Business Behaviour

In this quiz the answers change every time you play! Guess the terms that fit these definitions
Answer must correspond to highlighted box!
Quiz by robalot39
Rate:
Last updated: January 3, 2020
You have not attempted this quiz yet.
More quiz info >>
First submittedSeptember 11, 2019
Times taken20
Average score75.0%
Report this quizReport
Quiz and answer stats >>
Friends stats >>
6:00
Enter answer here
0
 / 20 guessed
The quiz is paused. You have remaining.
Scoring
You scored / = %
This beats or equals % of test takers also scored 100%
The average score is
Your high score is
Your fastest time is
Keep scrolling down for answers and more stats ...
Description
Term
Internal economies of scale resulting from large firms having more scope for division of labour
Labour Economies
The relationship between price and total revenue when demand is relatively price inelastic
Direct
The period of time in which the scale of a firms operations - though not variable factors like the number of people employed (assuming spare capacity) - cannot be changed
Short Run
Where a firm merges with or acquires a firm in a later stage of the production chain, such as a manufacturer and a retailer
Forward Vertical Integration
That which a firm makes when average revenue exceeds average cost
Supernormal Profit
A u-shaped curve that plots the cost of an additional unit of production against output
Marginal Cost Curve
That, some of the principal disadvantages of which are that; firms cannot compete so well with larger ones, cannot take advantage of certain economies of scale, and that it can be confusing for customers
Demerger
That which often arises from increased resource costs due to competition, as well as pollution, congestion, and overuse and depreciation of infrastructure
External Diseconomies of Scale
That which firms can earn in the long-run by erecting barriers to other firms entering the market possibly due to having monopoly power
Supernormal Profits
Diseconomies of scale that arise from the expansion of a firm
Internal Diseconomies of Scale
That which firms might do to; increase profits, decrease costs through economies of scale, increase market share and/or power, diversify thereby mitigating risks, or for managerial motives
Grow
That which consists of all firms which produce the same type of good or service
Industry
That which Amazon.com has not focussed on, so as to be able to lower prices and thereby increase its market share at the expense of its competitors
Profit Maximisation
The percentage of the total market which a firm supplies, measured either in terms of sales or revenue
Market Share
That which often arises from inefficiencies and complexities in managing and administering large firms, such as due to a result of the principal-agent problem
Internal Diseconomies of Scale
A usually u-shaped curve that plots costs where all factors of production are variable against output
Long-Run Average Cost Curve or Envelope Curve
Total fixed costs (TFC) ÷ output (Q)
Average Fixed Costs (AFC)
The which firms might not do so as to; avoid regulatory burdens, minimise overhead costs, maintain flexibility, adaptability, and the close relationship with consumers, maintain quality control, or due to the owner's lifestyle choice
Grow
Those, the growth of which is measured in terms of; output, sales revenue, market share, asset value, and/or workforce size
Firms
That the size of which may limit the extent to which a business can grow as niche or local ones have limited demand, while the state of the economy can reduce demand and thereby investment
Market
Comments
No comments yet
Save Your Progress

Copyright H Brothers Inc, 2008–2024

Contact Us | Go To Top | View Desktop Site