EDUQAS Component 1a Revision Quiz

Organize these options into the right categories

Groups:

(a) Wants

,

(b) Needs

• Cars

• Holidays

• Housing

• Public Transport

• Internet Access

• Restaurant Visits

• Basic Foods

Name a typical characteristic of an entrepreneur.

To what extent do you agree with the following statement: "Business success is down to having a good idea."

What are the potential benefits and drawbacks of a business plan?

Groups:

(a) Benefits

,

(b) Drawbacks

• Clear marketing focus

• Cost of hiring professional

• Cost Control

• Narrow scope of ambition

• Attracting Investment

Match the characteristic with the correct market structure.

• Monopolistic Competition

• Products are similar, but differentiated.

• Monopoly

• Most likely to erect barriers to entry

• Perfect Competiton

• Few businesses dominate

• Oligopolistic competition

• Businesses are price takers

Describe the features of mass markets vs niche markets.

Match each element with the correct type of market segmentation.

Groups:

(a) Demographic

,

(b) Psychographic

,

(c) Geographic

• Rural

• Suburban

• Gender

• Shopping history

• Income

• Attitude

Draw a demand curve and a supply curve on the same axes.

When the demand curve and price curve intersect, the point is known as

​ Add the labels to the correct quadrant.

a

b

c

d

Failed Harvest

Goods go out of fashion

Rise in consumer income

New technology improves productivity