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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
Answer must correspond to highlighted box!
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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 - if not sub-contractors - many small firms often act as to larger firms
Suppliers
That which often arises where firms within a particular industry are concentrated within one geographic area such as horse racing in Newmarket, Suffolk
External Economies of Scale
A market situation in which some participants are able to exert some control over prices, with some monopolies and monopsonies being present
Imperfect Competition
Diseconomies of scale that arise from the expansion of an industry in which firms are operating
External Diseconomies of Scale
Actions taken by firms in order to demonstrate their commitment to acting in the public interest, perhaps in order to safeguard their market position, such as by paying fair wages or producing sustainably
Corporate Social Responsibility
Economies of scale that arise from the expansion of an industry in which firms are operating
External Economies of Scale
Internal economies of scale resulting from large firms being able to obtain finance more cheaply and easily due to their creditworthiness
Financial Economies
Where the parent company retains some of the shares in a demerged business
Partial Demerger
Those which are affected by market conditions in that during a slowdown a firm may seek merely to survive, while during a boom it may seek to increase its profits
Business Objectives
That which happens to average fixed costs (AFC) as output increases due to the same cost being dividing between a higher number of units
Falls
That which firms might do so as to ensure their products are being sold, and sold well, while also stifling its rival companies' ability to compete
Forward Vertical Integration
That the position of which, short-run profit maximisation often depends on
Trade Cycle
That which an industry achieves when all firms are earning normal profit, with none making losses as they would exit the market, and none earning supernormal profit as this would incentivise new firms to enter the market
Equilibrium
That which a firm makes when average revenue is exceeded by average cost
Loss
The level of output at which the long-run average cost curve reaches its lowest point, with no further advantage to economies of scale being possible
Minimum Efficient Scale
Costs that do not vary with the level of output, calculated as total cost (TC) - variable cost (VC)
Fixed Costs (FC)
A process by which firms expand by merging with or acquiring other firms
Integration or External Growth
Where the new firms resulting from a demerger have no direct connection to one another
Full Demerger
The which firms might not do so as to; avoid regulatory burdens, minimise overhead costs, maintain flexibility, adaptability, and the close relationship with consumers, maintain quality control, or due to the owner's lifestyle choice
Grow
Those firms concerned with the extraction of raw materials
Primary Production
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