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Theme 1 & 2 Quiz

This quiz covers key words you need to know for theme 1 and 2 alevel economics B
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Last updated: March 24, 2025
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First submittedMarch 24, 2025
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Title
Answer
3 Profit Objectives
Profit maximisation
 
Sales maximisation
 
Satisficing
7 Non Profit Objectives
Survival
 
Market share
 
cost efficiency
 
return on investment
 
employee welfare
 
customer satisfaction
 
social objectives
4 Factors of Production
capital
 
enterprise
 
land
 
labour
WPIDEC
weak pound imports dear exports cheap
SPICED
strong pound imports cheap exports dear
Three disadvantages of demand and supply model
assumes perfect competition
 
time lags
 
simplistic assumptions
6 Different pricing stratergies
penetration
 
price skimming
 
competitive
 
predatory
 
cost plus
 
psychological
Internal sources of Finance
owners capital and savings
 
retained profit
 
sale of fixed asset
 
debt collection
External source of Finance
overdraft
 
loan
 
mortgage
 
trade credit
 
leasing
 
hiring
 
share capital
 
additional partnership
 
collaborative funding
 
government grants
 
factoring
 
venture capitalist
3 Challenges in Obtaining credit
high interest rates
 
strict lending conditions
 
economic instability
7 Types of Market Failure
positive and negative externalities
 
public goods
 
labour immobility
 
asymmetric information
 
inequality
 
monopolies
 
merit and demerit goods
4 Types of Government Intervention
regulation/ legislation
 
indirect taxation
 
grants/ subsides
 
voluntary agreements
4 Causes of Government Failure
Distortion of price signals
 
unintended consequences
 
excessive administration costs
 
information gaps
Types of Integration
Horizontal Integration
 
Vertical forward integration
 
vertically backwards integration
 
conglomerate integration
4 Objectives of Growth
economies of scale
 
market share
 
market power
 
profitability
3 Problems arising from growth
diseconomies of scale
 
internal communications
 
skill shortages
5 Factors that determine the most appropriate pricing stratergy
differentiation
 
PED
 
competition
 
brand strength
 
products stage through the life cycle
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