AS Unit 1 revision cards

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SUPPLY
The amount producers will supply at a given price
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DEMAND
The amount purchased by consumers at a given price
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GROSS PROFIT
Gross profit = sales revenue - cost of goods sold
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NET PROFT
Net profit = gross profit - overheads
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OPERATING PROFIT
Operating Profit = gross profit - expenses
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GROSS PROFIT MARGIN
GP% = gross profit / sales revenue x 100
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NET PROFIT MARGIN
NP% = Net profit / sales revenue x 100
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OPERATING PROFIT MARGIN
OP% = Operating profit / sales revenue x 100
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CHARACTERISTICS OF AN ENTREPRENEUR
Committed and self motivated, leadership, risk taking, self confidence, innovative, multi-skilled
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OPPORTUNITY COST
Giving up one opportunity in favour of a different one, and the costs that this might involve
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AUTOCRATIC
The leader makes all of the decisions and superivises all employees closely
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DEMOCRATIC
This leader makes decisions with employee participation, the staff involvement can be motivating
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PATERNALISTIC
The leaders do what is best for the workers, they might consult but take the final decision
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LAISSEZ FAIRE
Managers give out all authority and decisions
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BUREAUCRATIC
Clearly defined rules are followed in situations
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QUANTITITIVE
Numerical results, statisitcs, sale figures, percentages
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QUALITATIVE
In-depth interviews, gives reasons for results, and opinions
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NICHE MARKET
Where the propduct is aimed at a small proporation of the market
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MARKETING ORINETATION
Products are created to meet the needs of customers, based on market research. This should mean that products will always sell, with little need for advertising
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MARKET MAPPING
A map used to investigate the market in terms of competitors, using two variables, such as price and quality. Used to find 'gaps' in the market, and is part of market positioning
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PESTLE
External factors influencing businesses and their activities; includes political, economic, social, technological, environmental and legal factors
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BREAK EVEN
Break even = fixed costs / (selling price - variable costs)
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Other cards in this set

Card 2

Front

DEMAND

Back

The amount purchased by consumers at a given price

Card 3

Front

GROSS PROFIT

Back

Preview of the front of card 3

Card 4

Front

NET PROFT

Back

Preview of the front of card 4

Card 5

Front

OPERATING PROFIT

Back

Preview of the front of card 5
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