economics 4.5 / 5 based on 2 ratings ? Economics & Business StudiesASAQA Created by: Anya kellyCreated on: 01-01-13 11:25 list three benefits of Market Orientation. brand loyalty, less risk, customers more likely to want/buy it. 1 of 24 list three benefits of Market Orientation. high costs of constant market research, hard to fulfill everyone's needs, changing needs = hard to keep up 2 of 24 Demand is: the customers want and ability to buy a certain product at a certain price. 3 of 24 Supply is: the amount of a product the a business will supply at a certain price. 4 of 24 what is the law of demand? as price decreases, demand increases. 5 of 24 what are four factors that would change demand? trends, incomes, price of complements and/or substitutes 6 of 24 what is the law of supply? as price rises, supply rises 7 of 24 four factors that would change supply tax, production costs, competitors pricing, trends 8 of 24 what are complements? two or more products that are commonly bought together 9 of 24 what are substitutes? products that are similar to one another 10 of 24 what is the state of rest? Equilibrium - when supply = demand 11 of 24 what is excess supply? when supply is higher than demand 12 of 24 what is excess demand? when demand is higher than supply 13 of 24 what are the two axis on D/S graphs? price and quantity 14 of 24 on D/S graphs what direction of correlation does supply have? positive correlation 15 of 24 on D/S graphs what direction does the supply line move? up to the left 16 of 24 on the D/S graph what direction correlation does demand have? negative correlation 17 of 24 on D/S graphs what direction does the supply line move? down to the left 18 of 24 what is the definition of a market? where buyers and sellers come together to trade goods and services 19 of 24 what are normal goods? goods you buy more of as income rises 20 of 24 what are inferior goods? goods you buy more of when income falls 21 of 24 what is scarcity? goods and services are scarce relative to peoples demand for them. 22 of 24 what is choice? people do not have unlimited incomes so they must make a choice whenever they purchase goods/services. 23 of 24 what is opportunity cost? cost in terms of what could have been bought as an alternative to the item chosen. 24 of 24
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