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Edexcel A-level Economics Theme 3 Quiz Study Guide 2024 100% Pass
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Edexcel A-level Economics Theme 3Quiz Study Guide 2024 100% Pass
Backwards vertical integration - Answer>>a joining together into
one firm of two or more firms where the purchaser merges
with/takes over one or more of its suppliers
Conglomerate integration - Answer>>a joining together into one
firm of two or more firms producing unrelated products
Demerger - Answer>>when a firm splits into two or more
independent businesses
Divorce of ownership from control - Answer>>when managers
and directors of a business are different from the owners of a
business (the shareholders)
Forward vertical integration - Answer>>a joining together into
one firm of two or more firms where the supplier merges
with/takes over one or more of its buyers
Horizontal integration - Answer>>a joining together of two firms
in the same industry at the same stage of production
Niche market - Answer>>a small segment of a larger market
Merger/integration - Answer>>the joining together of two or
more firms under common ownership
Not-for-profit organisations - Answer>>organisations that do not
aim to make a profit; rather, they use any profit or surplus they
generate to support their aims (eg. a charity)
, Organic or internal growth - Answer>>a firm increasing its size
through investment in capital equipment/an increased labour force
Private sector organisations - Answer>>organisations owned by
individuals or companies rather than the state
Public sector organisations - Answer>>organisations owned
and controlled by the state
Synergy - Answer>>when two or more activities/firms put
together can lead to greater outcomes than the sum of the
individual parts
Vertical integration - Answer>>a joining together into one firm of
two or more firms in the same industry at different stages of
production
Average revenue - Answer>>the average receipts per unit
sold // TR÷Q
Marginal revenue - Answer>>the addition to total revenue of an
extra unit sold // ΔTR÷ΔQ
Total revenue - Answer>>the total amount of money received
from the sale of any given quantity of output // AR*Q
Average product - Answer>>the quantity of output per unit of
factor input // total product÷level of output
Law of diminishing marginal returns - Answer>>if increasing
quantities of a variable input are combined with a fixed input,
eventually the marginal product and then the average product of
that variable input will decline.
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