Flashcards in Economics Notes Deck (6):
Give one example of a factor that could make a product price insensitive.
If it is a necessity // if there aren't many substitutes (aka USP is strong)
Give one example of a price insensitive product.
Petrol // High quality products // Unique goods/services //
Give 3 stakeholders in any business.
Workers // Owners // Customers
Give 2 examples of negative externalities.
Water pollution -> less fish - > less income // More cars -> more pollution -> more global warming // Local takeaway -> more litter -> more time cleaning up for residents and money spent by council // New bypass -> woodland destroyed -> habitats dead/residents views spoiled
Give 2 examples of positive externalities.
More public landscaped gardens -> area value increases -> inhabitants richer // Christmas lights -> more customers to see them -> local businesses benefit // Investment in railway -> less congestion -> drivers benefit/world benefits/less pollution (air and noise)