Edexcel A Level Business - Theme 1 Study Guide Rated A+

Job rotation {Ans: The periodic changing of jobs or tasks}Psychological pricing {Ans: Setting the price slightly below a round figure}Price elastic demand {Ans: A change in price results in a greater change in demand}Extension strategies {Ans: Methods used to prolong the life of a product}Hygiene or maintenance factors (Herzberg's) {Ans: Things at work that result in dissatisfaction}Maslow's hierarchy of needs {Ans: The order of people's needs starting with basic human requirements}Memorandum of Association {Ans: A document that sets out the constitution and states key external details about a limited company}Retailer {Ans: A business that buys goods from manufacturers and wholesalers, and sells them in small quantites to consumers}Cost plus pricing {Ans: Adding a percentage (the mark up) to the costs of producing a product to get the price}Total revenue or total expenditure {Ans: The amount of revenue generated from the sale of goods calculated by multiplying price by quantity in a given period of time}Competitive advantage {Ans: An advantage that enables a business to perform better than its rivals in the market}Outsourcing {Ans: Getting other people or businesses to undertake work that was originally done in-house}Job description