Muchill

Question 1

Market

Answer 1

Is a link between buyers and sellers are in contact in order to establish price

Question 2

Physical and non physical in a market

Answer 2

Physical- face to face, exist because of personalisation feel and touch

Non physical-over phone, have grown rapidly.

Question 3

Advantages and disadvantage of physical

Answer 3

Ad- feel,touch,authentic,deals

Dis-expensive,hard to access,bad service,may be far away, out of stock, not your size.

Question 4

Advantages and disadvantages non-physical

Answer 4

Ad- deals,easy to access, see your size and stock levels.

Dis- scams,no feel or touch,hard to get service.

Question 5

Competition

Answer 5

Can be described as rivalry amongst to gain more market share

Question 6

Market share

Answer 6

Is the percentage of the total sale in a industry generated by a paricular company

Question 7

Market price

Answer 7

Price range that consumers are prepared to buy within

Question 8

Barriers to entry

Answer 8

Cost,regulations,loyalty,technology

Question 9

Monopoly

Answer 9

One business that dominates the whole market

Question 10

Dominant monopoly

Answer 10

Has a market share of 25-40 percent

Question 11

Economies of scale

Answer 11

The cost per unit of production decreases as a volume of product increases

Question 12

Two types of costs

Answer 12

Fixed costs do not vary with the level of output Variable cost that change in proportion to the level of goods or services a business produces

Question 13

Bulk purchasing

Answer 13

The company can buy products in large quantities at a discount because unit per a product is cheaper

Question 14

Oligopoly

Answer 14

Exist where a market is dominant by a few firms.

Question 15

Collusion

Answer 15

Takes place when a rival companies cooperate for their mutual benefit,two or more companies act together to influence production.

Question 16

Monopolistic

Answer 16

A market structure with many competing firms each of whom supplies a slightly differentiated products

Question 17

Market growth

Answer 17

Is the percentage change in the size of the market ,measured over a specific period

Question 18

Market size

Answer 18

Is expressed at the collective value of goods,services that buyer’s purchase

Question 19

Strategies to increase market

Answer 19

Mark up ,monopoly and price

Question 20

Mark up

Answer 20

Difference between price of a product and the cost to produce

Question 21

Market power

Answer 21

The ability of a firm to influence or control the terms and conditions on which goods are brought and sold

Question 22

Market dominance

Answer 22

A measure of market share compared to competitors

Question 23

Market power

Answer 23

Is soft such as influence.

Question 24

Organic growth

Answer 24

Discount,deal=inside the business

Question 25

External growth

Answer 25

Merge,take over=outside the business

Question 26

Merger

Answer 26

This is where two companies join together to form a new larger business

Question 27

Acquisition/take over

Answer 27

Tbh ibis where control of another company is achieved by buying a majority of its share

Question 28

Cma (competition and market authority

Answer 28

Protects people from unfair trading practises

Question 29

Demand

Answer 29

The amount of a goods/services that customers are willing and able to buy at a given price

Question 30

Supply

Answer 30

The amount of a goods/services that sellers are willing and able to sell at any given price

Question 31

Equilibrium price

Answer 31

Sutuation in a market where demand is equal to supply and demand both parties are happy

Question 32

Complements

Answer 32

Products that can be used in conjunction with each other

Question 33

Substitutes

Answer 33

Alternatives goods that can be used for the same purpose

Question 34

Subsides

Answer 34

Government giving money to other business in need

Question 35

Price elasticity

Answer 35

Demand shows how responsive demand is to a change in price

Question 36

Elastics demand

Answer 36

Quantity demands is sensitive to a change in price

Question 37

Inelastic demand

Answer 37

Quantity demand is insensitive to a change in price

Question 38

Globalisation

Answer 38

Is a process by which counties and economies have become more interconnected or the world coming together to trade in each others market

Question 39

Ad and did of globalisation

Answer 39

Ad-larger market,meeting different customers needs,cheaper production cost. Dis-promotion,competition,cultural barriers,economic dependency

Question 40

Factors have facilitated globalisation

Answer 40

Internet,e-commerce,communication,the rise of multinational.

Question 41

Multinational

Answer 41

A business that has activities and operations in more than one country

Question 42

Ledc and medc

Answer 42

Low economy developed countries More economy developed countries

Question 43

Challenges of globalisation

Answer 43

Increase competition,cost of expansion,communication,understanding different cultural needs.

Question 44

Why countries trade internationally

Answer 44

For variety,grow,reduce costs,avoid conflict.

Question 45

Quota and trade deficit

Answer 45

Quota-limit on impact to a country Trade deficit-more import than export

Question 46

Tariffs

Answer 46

Tax on goods and services imported into the country