Business

Revenue

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Types of Revenue Total Revenue – the amount of money generated from selling a good / service Average Revenue – revenue per unit and is calculated by dividing the Total Revenue by the Quantity. Also referred […]
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Revenue
Business Objectives

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Business Objectives The three main Business Objectives are: Revenue Maximisation Profit Maximisation Sales Maxmisastion Profit Maximisation Firms profit maximise at the point MR = MC, where the marginal revenue of selling one extra unit is equal to the marginal cost of producing one more unit Marginal Profit must also equal zero for firms to profit […]
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Business Objectives
Business Growth

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Business Growth There are two main types of growth internal/organic growth  external/integration growth   Organic Growth   Organic growth is where the firm grows by increasing their output. For example, increased capital investment or more labour. […]
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Business Growth
Financial Markets

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes   Financial Market – a market consisting of buyers and sellers who trade financial instruments such as bond, assets, equity etc Some of the main Financial Markets Money Markets – the trading of short-term loans such […]
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Financial Markets
Economics as a Social Science

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Economics as a Social Science – Scitovsky’ Theory: proposed that Economics is a social science as it attempts to use scientific methods to analyse the behaviour of people within markets, firms and economies The ‘Ceteris Paribus’ Assumption […]
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Economics as a Social Science
Price Mechanism

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes   Price Mechanism – prices are determined by the market forces of demand supply. Changes in demand / supply will cause an increase or decrease in the price of goods and services Adam Smith proposed the […]
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Price Mechanism
Size and Types of firms

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes    Niche Market – specialised part of the marker tailored specifically to a business owner’s interest Why do firms want to grow? Increase market share – (percentage of market you own). Competition from other firms is […]
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Size and Types of firms
Circular Flow of Income

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes National Income An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit.  Examples of assets:  House Car Stocks and […]
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Circular Flow of Income
Demergers

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes    Demerger – a business strategy in which a single business is broken into 2 or more components either to operate on their own to be sold or to be dissolved  Example of a demerger: Pepsi announced […]
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Demergers
Efficiency

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Efficiency is concerned with the optimal production and distribution of scarce resources.  Different types of efficiency Productive – producing for the lowest cost. Allocative – distributing resources according to consumer preference P=MC Dynamic – Efficiency over time. X – inefficiency – No incentive to cut costs [graph] Productive efficiency  Occurs on the lowest point of […]
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Efficiency

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