Economic Influences
The Consumer price index.
what is the measurement for inflation?
Two(or more) businesses agreeing to restrictive practices, such as price fixing.
What is collusion?
Develop a market niche, be flexible, offer personal service, offer lower wages, have better communication, be innovative.
What are some ways a small firm can compete in a competitive market.
Kansas
What state did Ms.Nichole move from?
Increased costs
What effect does inflation typically have on a business?
Automatic protection & patents and/or trademarks
What are ways in which intellectual property might be protected.
Water or energy supplier
what is an example of a market that may lack competition
Tucker
What is Ms.Nicholes sons name?
Boom, Downturn, Recession or depression, recovery or upswing
What are the four different phases of the business cycle?
Consumer rights, product safety, product quality, trading and age restrictions, promotion and advertising, prices and payment methods.
What are consumer issues covered by consumer legislation.
if possible, many businesses will try to differentiate their products from those of rivals.
What is product differentiation?
Head of Operational Training & Development
What was Ms.Nichole's previous job?
The peak of the business cycle. The GDP is growing fast because the economy is doing well.
What is meant by a boom in the economy?
a wage rate set by the government below which it is illegal to pay people at work
What is National minimum wage?
the ability to be able to adapt to change more quickly.
What is flexibility?
Coffee
A rise in the value of a currency.
What is appreciation?
favouring one person over another.
What is discrimination?
a small market segment/ a segment which has sometimes gone untouched by larger businesses
What is a market niche?
baking & reading
What are Ms. Nicholes favorite hobbies?