Business and Economics IFP Revision Cards

  • Created by: Sabchev
  • Created on: 14-03-18 23:15
State the 3 types of Injections .
Investment, Government Spending and Exports
1 of 20
State the 3 types of Leakages .
Savings,Taxes and Imports
2 of 20
Define the Circular Flow of Income .
A model of the economy which shows the flow of goods,services and factors and their payments around the economy.
3 of 20
Define GDP.
GDP(Gross Domestic Product) is the total value of everything produced by all the people and companies in the country - per capita.
4 of 20
Define GNP.
GNP(Gross National Product) is the value of all goods and services made by a countries residents and businesses regardless of production location.
5 of 20
Define GNI.
GNI(Gross National Income) is the sum of a countries GDP+net income received from overseas.
6 of 20
What are two ways to measure inflation ?
CPI(Consumer Price Index) and RPI (Retail Price Index)
7 of 20
Two factors that affect AS .
Rise in the wage rates in the economy and a change in the costs of raw materials.
8 of 20
Define Recession .
At least two consecutive quarters of declining GDP growth.
9 of 20
Define Depression.
Prolonged recession . It could last for months and years.
10 of 20
State four features of Managment Theory X .
lazy, do not enjoy work, work only for money and require strong leadership
11 of 20
State four features of Managment Theory Y.
productive, hard-working , enjoy work , their primary motivator is not money
12 of 20
What are the four stages of the Ansoff Matrix?
Product Development , Market Development , Market Penetration and Differentiation.
13 of 20
State possible problems of Franchising .
Loss of control, Not all profits are returned to the franchisor and Possibility of diseconomies of scale.
14 of 20
What is Rationalisation ?
Rationalisation is the downsizing the scale of the business by closing branches or selling parts of the business delayering.
15 of 20
What is Reshoring ?
Reshoring is the act of reinforcing domestic manufacturing to a country.
16 of 20
What is Outsourcing ?
The practice of using the service of an external organisation e.g cleaning firm to carry out a business function or a task .
17 of 20
State 3 Qualitative influences on Investment Appraisal .
The impact on Employees . The product quality and service. The business brand image and reputation .
18 of 20
What are the four qualitative forecasting methods ?
Brainstorming , Intuition , Expert Opinion and Delphi Method
19 of 20
State four features of market penetration .
Low risk , Knowledge on the market and the existing product , Low Potential Reward and Low expenditure on market research
20 of 20

Other cards in this set

Card 2


State the 3 types of Leakages .


Savings,Taxes and Imports

Card 3


Define the Circular Flow of Income .


Preview of the front of card 3

Card 4


Define GDP.


Preview of the front of card 4

Card 5


Define GNP.


Preview of the front of card 5
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