Questions and Answers of Business Economics And Finance

Explain the source of large and persistent inflation?
Give an example of an externality?
Explain why specialization and trade improve people’s choices?
Consider how a quadrupling of your tuition payments would affect your decision to educate yourself?
Compare the marginal costs and marginal benefits of continuing to attend school indefinitely?
Add up your particular opportunity cost of attending university?
Explain the classic trade-off between ‘guns and butter’?
Define scarcity?
what determines some trends in the overall economy?
Discuss why markets are a good, but not perfect, way to allocate resources?
Consider why trade among people or nations can be good for everyone?
Discuss how incentives affect people’s behaviour?
how to use marginal reasoning when making decisions?
what is the meaning of opportunity cost?
Examine some of the trade-offs that people face?
Learn that economics is about the allocation of scarce resources?
Give an example to show how making decisions on keeping customers needs to be assessed carefully?
Show how acquiring and keeping customers are important decisions for a business?
Explain the importance to businesses of decisions on investment, growth and expansion using appropriate examples?
State at least two examples of the difficulties in valuing accurately costs and benefits?
Give examples about how informed decision making can be based on assumptions about weighing up the value of costs and benefits?
Explain the basic economic problem of scarce resources and unlimited wants?
Give examples of unconscious and conscious decisions by consumers and businesses?
Look at the problems facing businesses of acquiring and retaining customers?
Look at the key areas of business decision making?
Explore the meaning of value in relation to decision making?
See how decision making is governed by estimations of costs and benefits?
Cover the basic economic problem of unlimited wants and scarce resources?
Describe how shareholder value can be affected by both increasing revenues and reputation?
Give a definition of the terms shareholder value and stakeholders?
Explain the main internal and external factors which affect business activity through using the PESTLE framework?
Give a definition of the term value added?
Describe the transformation process and apply this to a series of everyday examples?
List the key characteristics and skills of entrepreneurs?
List and give examples of the four factors of production?
Give a definition of the meaning of business and business activity?
See how internal and external factors affect business using the PESTLE framework?
Cover how businesses add value?
Look at the factors of production and how they facilitate the transformation process?
what about business and business activity?
Explain how price acts as a signal to both producers and consumers?
Describe the process by which a new equilibrium is reached?
Shift supply and demand curves in response to an economic event and find the new equilibrium price and quantity?
Draw a graph of supply and demand in a market and find the equilibrium price and quantity?
List the factors that affect the amount that producers wish to sell in a market?
List the factors that affect the amount that consumers wish to buy in a market?
List the two characteristics of a competitive market?
Consider the key role of prices in allocating scarce resources in market economies?
See how supply and demand together set the price of a good and the quantity sold?
Distinguish between a movement along and a shift of a curve?
Examine what determines the demand for a good in a competitive market?
Examine what determines the supply of a good in a competitive market?
what a competitive market is?
Demonstrate the impact of the price elasticity of demand on total expenditure and total revenue under conditions of different demand elasticities?
Calculate different elasticities – price, income and cross?
Distinguish between the price elasticity of demand for necessities and luxuries?
Distinguish between an inelastic and elastic supply curve?
Calculate the price elasticity of supply?
Calculate elasticity using the midpoint method?
Apply the concept of elasticity in two different markets?
Understand the relevance of elasticity to total expenditure and total revenue?
what determines the elasticity of demand?
Apply the concept of elasticity to price, to both supply and demand, to income and demand and the relationship between the changing prices of different products on demand?
what determines the elasticity of supply?
Apply the concept of elasticity to price, to both supply and demand, to income and demand and the relationship between the changing prices of different products on demand?
what determines the elasticity of supply?
What is the meaning of the elasticity of supply?
What is the meaning of the concept of elasticity?
Analyse the use of tradable permits?
Discuss different government led solutions to market failure including regulation, taxes and subsidies?
Use diagrams to explain how both negative and positive externalities arise and show the welfare costs of inefficient resource allocation?
Draw diagrams to show consumer and producer surplus and be able to identify changes in both as a result of changes in price?
Explain the difference between private and social costs?
Define market failure and give examples of how it arises?
See how decision making and transactions can often ignore social costs and benefits leading to externalities?
Explore the meaning of social and ethical responsibility?
Be introduced to some objections to the economic analysis of pollution?
Look at public/private solutions to market failure including property rights?
Cover a formal treatment of taxes and subsidies and how they affect businesses?
Cover the two main ways in which governments intervene in business to seek to correct market failure?
Look at the difference between positive and negative externalities?
Explain the relationship between the relative prices and the marginal rate of substitution between two goods at the consumer’s optimum?
Draw a budget constraint on a graph if you are given the value of income and the prices of the goods?
Calculate total and marginal utility as consumption increases?
State the assumptions of the standard economic model?
Examine the problems caused by asymmetric information?
See how firms use advertising and branding to influence consumer behaviour and the arguments for and against advertising?
Analyse how a consumer’s optimal choices are determined?
what about market solutions to asymmetric information?
Look at the idea of using heuristics as the basis for consumer behaviour?
Decompose the impact of a price change into an income effect and a substitution effect?
how a consumer responds to changes in income and changes in prices?
how indifference curves can be used to represent a consumer’s preferences?
how a budget constraint represents the choices a consumer can afford?
Provide alternative definitions of the concept of shareholder value?
Outline some basic tactics and strategies for maximizing market share?
Explain how costs can be minimized at the point where the AC curve is at its lowest?
Explain the relationship between price elasticity of demand, marginal revenue and revenue maximization?
Show the related point of profit maximization using TR and TC curves and thus the point of revenue maximization?
Explain the point of profit maximization where marginal cost equals marginal revenue and draw a diagram to illustrate?

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