Term 1 Assesment

Question 1

Enterprise

Answer 1

Another word for business/Actions of an entrepreneur e.g initiative or risk taker

Question 2

Oppertunity cost

Answer 2

The benefits you lose of the option you don’t choose

Question 3

Economic uncertainty

Answer 3

People hold back when spending so less sales

Question 4

Operations management

Answer 4

Takes care of a business’ structure to be efficient

Question 5

Added value

Answer 5

When a business adds value by production

Question 6

Unincorporated

Answer 6

The owner is the business so has unlimited liability

Question 7

Incorporated

Answer 7

The companies are a separate legal identity to their owner so can get limited liability

Question 8

International companies

Answer 8

Importes and exportes internationally but has no stakes abroad e.g whitehouse flexible tubing

Question 9

Multinational companies

Answer 9

Companies with investment abroad like e.g factories or hq

Question 10

Conglomerate growth

Answer 10

When the acquisition is unrelated to the business

Question 11

Strategic alliance

Answer 11

An arrangement where companies share resources to undertake a mutual beneficial venture e.g off white and Nike shoe collab

Question 12

Synergy

Answer 12

Combined value of 2 companies is better than them both alone together

Question 13

SMART

Answer 13

Specific measurable achievable realistic time

Question 14

Pestele

Answer 14

Political economic social technological ethical legal environment

Question 15

6 marker

Answer 15

K,App,App,An,An,An

Question 16

Relationship of supply and price

Answer 16

Price goes up whilst supply goes up if demand remains the same

Question 17

Relationship of demand and price

Answer 17

As demand goes up so price goes down visa versa supply stays the same (Cerberus parebus)

Question 18

Equilibrium price

Answer 18

When demand is equal to supply so shops have no unsold stock however no shortage

Question 19

Relationship between price and demand

Answer 19

Inverse-as price goes up less people want

Question 20

Relationship between quantity and demand

Answer 20

Positive- demand connects how much quantity will be demanded at each price so a shift right of demand curve causes quantity demanded increase

Question 21

Wealth

Answer 21

Value of someone’s assets

Question 22

Complements

Answer 22

A product that comes with another like tennis racket and tennis ball so as demand goes up for one it does with the other

Question 23

Tax

Answer 23

Compulsory payment to the government

Question 24

Subsidy

Answer 24

A grant so payment from the government to an individual

Question 25

Market forces

Answer 25

Supply and demand

Question 26

Elastic graph steep or flat?

Answer 26

Flat

Question 27

Inelastic graph steep or flat?

Answer 27

Steep

Question 28

Oligopoly

Answer 28

When a market is dominated by a few firms

Question 29

Monopoly

Answer 29

When a market is dominated by one firm with 25% market share or more

Question 30

Competitive market

Answer 30

Competes on price and has many sellers

Question 31

Market size

Answer 31

Revenue of all sales in a market

Question 32

Market growth

Answer 32

Percentage change in the size of a market (total revenue of market) measured over a specific period

Question 33

CPA

Answer 33

Critical path analysis

Question 34

Total float formula

Answer 34

LFT(this activity) - duration -EST(this activity)

Question 35

Free float formula

Answer 35

EST(next activity) - duration - EST(this activity)