2023 AQA AS ECONOMICS Paper 1 The Operation of Markets and Market Failure Question Paper // Business Operations and Marketing

2023 AQA AS ECONOMICS Paper 1 The Operation of Markets and Market Failure Question Paper // Business Operations and Marketing


Acceptable quality - CORRECT ANSW-means that the product is fit for the purpose for which it is being sold, acceptable in appearance and finish, free from defects, safe and durable.

acquisition - CORRECT ANSW-the process of attracting and recruiting the right staff for roles in a business

advertising media - CORRECT ANSW-refers to the many forms of communication used to reach an audience.

Advertising - CORRECT ANSW-a paid, non-personal message communicated through a mass medium

assets - CORRECT ANSW-are items of value owned by a business

audit - CORRECT ANSW-an independent check of the accuracy of financial records and accounting procedures

award - CORRECT ANSW-legally enforceable minimum terms and conditions that apply to a business or industry

B2B (acronym) - CORRECT ANSW-business to buyer

B2B definition and impact on supplier - CORRECT ANSW-refers to direct access from one business to another, allowing the supplier to asses the needs of the buyer and meet them in a timely manner.

B2C (business-to-consumer) - CORRECT ANSW-selling of goods and services to consumers over the internet, with payment usually by credit card.

Bait and Switch Advertising - CORRECT ANSW-when a product is advertised at a reduced price but quickly runs out and customers are directed to higher priced items.

balance sheet - CORRECT ANSW-represents a business's assets and liabilities at a particular point in time, expressed in money terms, and represents the net worth of the business.

Behavioural segmentation - CORRECT ANSW-Dividing the total market according to the customer's relationship to the product.

Benchmarking - CORRECT ANSW-is a process in which indicators are used to compare business performance between internal sections of a business or between businesses.

BOOT - CORRECT ANSW-better off overall test - requires that each of the employees to be covered by the agreement is better off overall than under the relevant modern award

bottleneck - CORRECT ANSW-An aspect of the transformation process that slows down the overall processing speed or creates an impediment leading to a backlog of incompletely processed products

brand - CORRECT ANSW-a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products

brand loyalty - CORRECT ANSW-a favorable attitude toward and consistent purchase of a single brand over time

brand name - CORRECT ANSW-the part of a brand that can be spoken.

logo - CORRECT ANSW-a symbol or design that serves to identify an organization or institution

budget - CORRECT ANSW-an estimate of income and expenditure for a set period of time.

bundle pricing - CORRECT ANSW-Packaging together two or more complementary products and selling them at a single price

capital-labour substitution - CORRECT ANSW-means that the machinery and technology displace people by doing the work they do.

cash flow - CORRECT ANSW-Movement of cash in and out of a business over a period of time

change agent - CORRECT ANSW-someone who is a catalyst in helping organizations to deal with old problems in new ways

competition-based pricing - CORRECT ANSW-where the price covers costs (cost of raw materials and the cost of operating the business) and is comparable to the competitor's price