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Business Studies Recap Day 12 - Price and Income Elasticity of Demand

 On day 12 of the Year 12 Recap we look at elasticity and the different forms of elasticity you need to be comfortable with at A-level Business.


 

Elasticity measures the responsiveness of a change in one variable to a change in another variable. The business application of elasticity is that a firm can use the price elasticity of demand (PED) and income elasticity of demand (YED) to their advantage when deciding upon their own strategy. If a firm knows the PED value of their product they have an insight behind the expected net impact on business revenue from a change in price. This forms the basis for a firm’s pricing strategy. The YED value helps a firm establish the expected change in demand from a change in household disposable income. This elasticity measure is important for a firm to be able to recognise how well placed it is in operating in different economic scenarios and events.

Here Jack guides you through the elasticity revision slide:


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Business Studies Recap Day 11 - Pricing Strategies


  On day 11 of the Year 12 Recap, we look at the different pricing strategies that firms can charge.

 



If firms are to maximise the commercial success of a product, the right price for the product needs to be charged. However, this can often be more difficult for a firm than you might expect. The right price to set is not a static decision which can be taken – it depends on the competitive environment, the business’s current strategy and the external environment the business operates in. Therefore, firms have many different pricing strategies available to them that they can adopt.

 

Here Jacob guides you through the revision slide on pricing strategies:

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The Economics Weekly 5 - 23rd March 2018

The Economics Weekly 5 - 23rd March 2018

Welcome to this week's edition of the Weekly 5. This week's topics are:

The European Commission's plans to introduce a tax on revenue

The Intellectual Property row between the US and China

The NHS pay deal

The UN World Happiness Report

Problems for high street retailer New Look

 

The usual questions will stretch your students and enable them to apply their knowledge of economic concepts to current events.

Download the PDF here

 

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Business Studies Recap Day 10 - Product Life Cycle

 On day 10 of the Year 12 Recap, we look at the product lifecycle.

 

Product Life Cycle - Business Studies revision

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Business Studies Recap Day 9 - The Marketing Mix

 Day 9 of our Year 12 recap looks at the Marketing Mix.

 

The Marketing Mix Business Studies revision

 

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Business Studies Recap Day 8 - Niche and Mass Marketing

On day 8 of our Year 12 Recap, we will look at the distinction between niche and mass marketing campaigns when a business is launching a new product.

Business Studies Niche and Mass Marketing

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Business Studies Recap Day 7 - Market Research

On day 7 of our Year 12 Recap we look at market research and how a business can take certain marketing measures to improve the performance of the business’s products or services.

Business Studies Market Research

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Business Studies Recap Day 6 - Marketing Objectives

On day 6 of our Year 12 Recap, we turn our attention to the business department of marketing and what better way to start off than by looking at marketing objectives.

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The Economics Weekly 5 - 16th March 2018

The Economics Weekly 5 - 16th March 2018

Welcome to another edition of The Weekly 5. This week's top stories include:

 

The Chancellor's Spring Statement

UK R&D Expenditure

Changes to the UK CPI inflation basket

Growth in income vs growth in welfare

The UK overfishing problem

 

For this week's homegrown economics topics, we have the usual questions and exercises to test your students.

You can download the full PDF here

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Business Studies Recap Day 5 - Management and Leadership

On day 5 of the Year 12 Recap, we look at the distinction between management and leadership in a business.

 

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Business Studies Recap Day 4 - Markets

Day 4 of our Year 12 Recap, we are moving on to analysing how markets operate in a business environment!

 

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Business Studies Recap Day 3 - Business Decision Making

Day 3 of our Year 12 Recap, we are moving on to analysing the decision-making process of a business!

Decisions involve a business weighing up a series of different influential factors and arriving at an outcome which is expected to yield the best result from the perspective of the company. When analysing in an exam the impact of a strategic change of direction or a change in the external environment you need to be comfortable with discussing the decision-making process and the types of decisions that are made.

Business Decision Making

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Business Studies Recap Day 2 - Business Forms

On day 2 of our Year 12 Recap, we are continuing to recap some of the business basics!

It is essential that you are confident surrounding the basic foundations of any business and understand the nature and purpose of businesses and their activities. This slide can help you weave in this content into your longer responses as an analytical or evaluative tool.

Business Forms

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Business Studies Recap Day 1 - Business Objectives

With the first set of exams just a few months away, we wanted to provide our users with a way to jog their memory about some of the key topics they most likely will have encountered a year or more ago, in Year 12.

What the EzyBusiness team have come up with are a series of interactive revision mindmaps. Within the revision mindmap are 30 flashcards covering a selection of different topics which are crucial to understand before sitting the summer exams. Each of the revision cards come with a supplementary explanatory video to discuss the core themes of each topic.

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The Economics Weekly 5 - 9th March 2018

The Economics Weekly 5 - 9th March 2018

Welcome to another edition of the Weekly 5! This week we're looking at:

US Steel Tariffs

The Shadow Banking Sector

China's Economic Outlook

Uk Mergers and Acquisitions

The Economics of Snow Days

 

As ever, we have crafted relevant questions to test your students on their knowledge of economic principles as they apply to the topics listed above.

You can download the full PDF here

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The Economics Weekly 5 - 2nd March 2018

The Economics Weekly 5 - 2nd March 2018

Welcome to another Weekly 5! Whilst the big story of the week is that most of us are snowed in, that doesn't stop the economic issues from hitting the headlines too.

This week we have selected the following:

The elimination of UK government budget deficit

The UK-EU Customs union debate

The UK energy price cap

UK net migration

Spotify's plans to become a public company

 

For those of you who made it into school or college, our carefully selected questions and topic discussions should help you to distract students from all that white stuff outside.

You can download the full PDF here

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The Economics Weekly 5 - 23rd February 2018

The Economics Weekly 5 - 23rd February 2018

This week's Weekly 5 covers the following:

 

The UK unemployment rate, which has risen for the first time in 2 years

BP's 2018 energy outlook

A proposal for a universal basic income

The move towards a cashless society in Sweden

The US "Too big to fail" policy

 

As always, each topic poses questions and areas for discussion that you can use with your students in class, to further knowledge of current economic affairs.

Download the full PDF here

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The Economics Weekly 5 - 16th February 2018

The Economics Weekly 5 - 16th February 2018

This week's Weekly 5 covers a variety of topics, from farms to supermarkets, charities to gilts, with a sprinkling of US CPI inflation for good measure!

The fallout from the Oxfam scandal

The remarkable rise of supermarket chain Lidl

The US consumer price index

UK farmland disruption

The UK Gilt market

 

Use our carefully crafted questions to test your students on the latest in world economic news.

Download the PDF here

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The Economics Weekly 5 - 9th February 2018

The Economics Weekly 5 - 9th February 2018

This week's weekly 5 looks at the turbulent stock market, slow productivity growth in the UK, the US trade deficit, an analysis of three possible Brexit scenarios and the elusive third runway at Heathrow.

As ever, plenty of material for in-class discussions and individual questions relating to each story.

Download the full PDF here

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The Economics Weekly 5 - 2nd February 2018

The Economics Weekly 5 - 2nd February 2018

Some of this week's top Economics related stories:

The continued recovery of the Eurozone

Statistical errors in services data

US crude oil production

The US solar market

Dr Pepper Snapple merger with Keurig Green Mountain

This week's challenges include drawing diagrams, discussing the relevant topics and the application of knowledge to answer questions on deadweight loss and business integration. Some great opportunities for students to demonstrate their skills.

Download the full PDF here

 

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