Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
19 Cards in this Set
- Front
- Back
|
EXCLUDABLE |
The property of a good whereby person can be prevented from using it or gaining benefit when they do not pay for it |
|
|
RIVAL |
The property of a good whereby one person's use diminishes other people's use |
|
|
PRIVATE GOODS |
Goods that are both excludavle and rival |
|
|
PUBLIC GOODS |
Goods that are neither excludable nor rival |
|
|
COMMON RESOURCES |
Goods that are rival but not excludable |
|
|
AIMS |
The long term goals of a business |
|
|
OBJECTIVES |
The means by which a business will be able to achieve its aims |
|
|
STRATEGY |
A series of actions, decisions and obligations that lead to the firm gaining a competitive advantage and exploiting the firms core competencies |
|
|
TACTIC |
Short term framework for decision making |
|
|
MERIT GOOD |
A good which could be provided by the private sector but which may also be offered by the public sector because it is believed that a less than optimal amount would be available to the public if resource allocation was left entirely to the private sector |
|
|
AVERAGE REVENUE |
Total revenue divided by the quantity sold |
|
|
MARGINAL REVENUE |
The change in total revenue from an additional unit sold |
|
|
MARGIB OF SAFETY |
The distance between the break even output and current production where total revenue is greater than total cost |
|
|
CONTRIBUTION |
The difference between the selling price and the variable cost per unit |
|
|
PRODUCT LIFE CYCLE |
A diagram representing the life cycle of a product from launch through to growth, maturity and decline |
|
|
SUPPLY CHAIN |
The various processes, activities, organizations and resources used in moving a product from business to business or business to consumer |
|
|
FREE CASH FLOW |
The cash generated from the firms operations minus that spent on capital assets |
|
|
AGENCY THEORY |
Where managers act as the agents of shareholders and as a result there may be a divorce between ownership and control such that managers pursue their own self interests rather than the interests of shareholders |
|
|
MARKET SHARE |
The proportion of total sales accounted for by a product/business in a market |
