Unit 3 Revison

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What is Fairtrade?
It is where producers get a fair price for thier goods
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What is good and about Fairtrade?
It helps the farmers - they get a fair price, the local economy - boosts spending power, the business - gains a better reputation and the enviroment - less wastage.
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What is bad about Fairtrade?
It can costs more than other suppliers therefore businesses may put up their prices, leading to less demand for their products
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What is inward investment?
Where a foriegn firm chooses to set up in the UK.
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Is a stronger or weaker pound better?
A strong £ is good fro importers whereas a weak £ is good for exporters
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What is globalisation?
Where companys have heavy reliance on other companies in different countries.
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What are economies of scale?
When the average costs fall as the output rises
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Name all economies of scale
Financial, marketing, risk-bearing, purchasing, technical, managerial
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What are diseconomies of scale?
When average costs rise as output rises
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How do you calculate sales revenue?
Selling price x Quantity sold
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How do you calculate break-even?
Total fixed costs / (selling price - variable costs)
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How do you calculate gross profit?
Sales revenue - cost of product
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How do you calculate net profit?
Gross profit - expenses
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How do you calculate profit margin?
(Gross/net) profit / sales revenue x 100
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What are the 4 types of production?
Batch, job, flow and process
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What is technology in production?
CAD - Computer Aided Design, CAM - Computer Aided Manufacture and CIM - Computer Intergrated Manufacture
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Other cards in this set

Card 2

Front

What is good and about Fairtrade?

Back

It helps the farmers - they get a fair price, the local economy - boosts spending power, the business - gains a better reputation and the enviroment - less wastage.

Card 3

Front

What is bad about Fairtrade?

Back

Preview of the front of card 3

Card 4

Front

What is inward investment?

Back

Preview of the front of card 4

Card 5

Front

Is a stronger or weaker pound better?

Back

Preview of the front of card 5
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