On a linear demand curve, revenue is maximised where PED = _____ .
-1
What is the YED range for Normal Goods?
0 to ∞ (Positive figure)
This is illegal.
Reducing taxes by not fully reporting all earnings and income.
Lying about what you are earning.
What is an example of a way to improve Occupational Flexibility?
Any of the following:
-Increase training programmes to give workers the skills they need for new jobs.
-Decrease occupational licensing requirements so that workers don't need extra qualifications for a new job.
How can businesses differentiate their products or services?
Businesses can differentiate their products or services by focusing on unique features, superior quality, customization options, exceptional customer service, innovative design, competitive pricing, effective branding and marketing, sustainability initiatives, and delivering an outstanding customer experience.
Define the term 'recession.'
A recession is two consecutive quarters of negative economic growth.
Market mapping is a visual representation technique that helps businesses identify and analyze the positioning of products or brands in relation to competitors in the market. It allows businesses to understand the competitive landscape, target specific market segments, and make informed strategic decisions.
What is the only circumstance in which countries will not benefit from trade (according to comparative advantage theory)?
When the countries have the exact same opportunity cost in the production of each good.
Define Free-Market Oriented Supply Side Policies
Policies designed to make the economy more efficient by utilising market forces and removing government intervention.
What will cause AS to shift to the LEFT?
Any real change which leads to less production being available will shift AS left. Examples:
-Low levels of capital investment
-Labour emigrating from economy.