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Susie Cabral
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Decks in this class (18)
Fixed and variable Costs
Short run,
Long run,
The two different types of costs are
9
cards
Marginal and Average costs
Marginal cost equation,
Average cost equation,
Marginal cost is
5
cards
revenue of a firm
What is revenue,
What is totalr revenue tr,
Total reveue equation
6
cards
3.3.4 Normal, supernormal profits, losses and shutdown points
3.3.4
9
cards
3.1.1 Reasons why some firms tend to remain small and why others grow:
Reasons why some firms tend to re...,
Access to capital,
Reasons why some firms tend to re...
5
cards
3.1.1 Significance of the divorce of ownership from control: the principal-agent problem:
Definition of principal agent pro...,
Misaligned incentives,
Risk aversion
4
cards
3.1.1 Distinction between public and private sector organizations:
Ownership and control,
Profit motive,
Funding source
3
cards
3.1.1 Distinction between profit and not-for-profit organizations:
Profit orientation,
Revenue sources,
Distribution of surplus
3
cards
3.1.2 Business growth
Organic growth,
Horizontal integration,
Conglomerate integration
6
cards
3.1.2 advantages and disadvantages of different growth strategies
Organic growth advantage,
Organic growth disadvantages,
Vertical integration advantages
8
cards
3.1.2 Constraints on business growth:
Size of the market,
Access to finance,
Owner objectives
5
cards
3.1.3 Demergers
Strategic focus,
Value unlocking,
Enhanced efficiency
5
cards
3.3.3 economies of scale
Technical economies,
Managerial economies,
Marketing economies
5
cards
3.3.3 diseconomies of scale
Managerial diseconomies,
Coordination and control problems,
Worker alienation
4
cards
3.3.3 minimum efficient scale
What is the minimum efficient sca...,
Why is mes important for competit...,
What happens if a firm operates b...
3
cards
3.3.9 perfect competition
A perfectly competitive market ha...,
Many buyers and sellers infinate,
Homogeneous goods and services
8
cards
3.2.1 business objectives
Profit maximisation,
Revenue maximisation,
Sales maximisation
5
cards
3.4.1 efficiencies
Productive efficiency,
Allocative efficiency,
Dynamic efficiency
4
cards
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Micro Theme 3
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