Year 2 Feb recap

Lots of rules, bureaucracy, job titles, hierarchy

• task culture

• role culture

• person culture

• power culture

Culture of collectivism, teams, work for group success

• more likely in U.S. firm

• more likely in U.K. firm

• more likely in Japanese firm

• more likely in French firm

Which is a backward vertical integration ?

• takeover your supplier

• takeover your retailer

• takeover your seller

• takeover your distributor

Economies of scale leads to :

• higher average unit costs

• lower average unit costs

• no change in average unit costs

Year 2022: £1 = 1.2 euros, Year 2023: £1 = 1.4 euros

• Pound is getting weaker

• Pound is buying less euros

• Pound is getting stronger

• Imports will be dearer from Europe

GDP =

• gathered domestic pidgeons

• group dynamic people

• group domestic product

• gross domestic product

Demand for luxuries tends to be :

• income inelastic

• income elastic

• negative income elasticity

If demand is price elastic, then :

• a price cut leads to less total revenue

• a price rise leads to more total revenue

• a price rise leads to no change in total revenue

• a price cut leads to more total revenue

SPICED =

• Selling price is cheaper end (of) day

• Strong pound incomes cheaper expenses dearer

• Strong pound imports cheaper expenses dearer

• Strong pound imports cheaper exports dearer

If capacity utilisation is low, then :

• average unit cost is low

• average unit cost is high

• fixed costs per unit are low

• workers will fell secure in their jobs