Business and Economics IFP Revision Cards 0.0 / 5 ? Business Studies & EconomicsLeadership and Managment + Micro Economics OtherOther Created by: SabchevCreated 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
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