EDEXCEL GCSE ECONOMICS UNIT 2 BUSINESS ECONOMICS

What are the factors affecting productivity for labour?

• Irrigation 

• Migration 

• Reclamation 

• Drainage

What are not the advantages of division of labour for the worker? 

• Repetition 

• Learning new skills 

• Highly skilled on a task 

• Enjoy more job satisfaction

How many sellers are in a monopoly

• ZERO

• ONE

• MORE THAT ONE

• NOT COUNTABLE

WHAT IS MONOPOLY

 

• A price maker

• Price taker

   

• both

• price predator

 

              1. What is bulk buying 

 

What is bulk buying ?

• Buying goods in large quantities, which is usually cheaper than buying in small quantities 

• Buying goods in small quantities, which is usually more expensive than buying in big quantities 

• Getting large loans are lower prices 

• Buying a large quantity of goods and reselling at a higher price

What are internal economies of scale

?

• Rising average costs when a firm becomes too big

• Falling average costs due to expansion

• Cost benefits that an individual firm can enjoy when it expands

• More investment into large factory machinery 

WHAT ARE THE 4 FACTORS OF PRODUCTION?

 

 

 

• Land, Capital, Need & Want

• Land, Capital, Good & Service

• Water, Air, Food & Shelter

• Land, Labour, Capital, Entrepreneurs

 

 

Which is not an advantage of a small firm?

 

 

• Better communication

   

• flexibility

   

• economies of scale

   

• a personal service can be offered

A GARBAGE TRUCK DRIVER IS AN EXAMPLE OF WHICH FACTOR OF PRODUCTION?

 

• Labour

   

• Land

   

• Entrepreneurship

   

• capital

How is the size of firm measured?

 

 

• economies of scale

   

• turnover

   

• innovation

   

• quality of staff