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Edexcel Economics 6. Business Behaviour

In this quiz the answers change every time you play! Guess the terms that fit these definitions
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robalot39
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Last updated: January 3, 2020
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First submittedSeptember 11, 2019
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Description
Term
That which will increase when exceeded by marginal cost and vice versa
Average Cost (AC)
Where a firm produces output at the level of highest total sales and thus above maximum revenue, with average cost and total cost equalling average revenue and total revenue respectively, all profit being normal
Sales Maximisation
Internal economies of scale resulting from large firms being able to use more specialised staff and invest in making production more efficient
Research and Development Economies
An organisation or corporation owned and funded by the government such as the Bank of England or a public sector hospital
Public Sector Organisation or Public Corporation
The aims which a firm sets out to achieve, i.e. the reasons why the firm is in business
Business Objectives
Those firms concerned with manufacture
Secondary Production
Private sector, not-for-profit organisations
Charities
Internal economies of scale resulting from large firms being able to diversify and thus spread and mitigate risks across industries
Risk-Based Economies
That the position of which, short-run profit maximisation often depends on
Trade Cycle
Internal economies of scale resulting from large firms' distribution costs being lower per-unit
Selling Economies
That which a firm makes when average revenue exceeds average cost
Supernormal Profit
One of the first steps taken after a merger or acquisition where unnecessary 'duplicates' of staff, shops, &c. are made redundant or closed
Rationalisation
That, the principal disadvantages of which are that it is very costly, can lead to diseconomies of scale, reduces competition harming consumer choice, can lead to culture clashes, or can fail due to an inability to marry together different systems
Integration
That which firms might do so as to allow the covering of temporary losses for one product by subsidising it with profits from another, such as is done by Amazon.com
Conglomerate Integration
Economies of scale that arise from the expansion of an industry in which firms are operating
External Economies of Scale
That which firms may avoid due to the owner not desiring increased pressure or working hours, or to lose control to shareholders were the firm to become publicly limited
Growth
A usually u-shaped curve that plots costs where all factors of production are variable against output
Long-Run Average Cost Curve or Envelope Curve
A merger between firms or acquisition of one firm by another within the same industry but different stages of production, being either forward or backward
Vertical Integration
Where firms agree to unite on a more or less equal footing to form a new company, being either vertical, horizontal, or conglomerate
Merger
A short-run law that an increase in one of a firm's factors of production when the other factor(s) remains fixed, will eventually lead to the firm deriving diminishing marginal returns from the variable factor
Law of Diminishing Returns
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