Edexcel Business Studies A Level Questions with Complete Solutions

Economies of Scale - Factors that cause costs per unit to fall as production increases Franchise - A business that sells the rights to use its name and trading methods Generic Brand - A brand that is so famous that people use its name instead of the name of the product Product Differentiation - The extent to which consumers perceive a brand to be different from others Complementary Good - Goods bought in conjunction with each other Inferior Goods - Goods for which sales fall when people are better off Luxury Goods - Goods for which sales rise rapidly when people are better off Normal Goods - Goods for which sales move in line with changes in consumer's income Seasonal Variation - Change in the value of sales related to the time of the year Demand Curve - A line showing the quantity of goods that consumers want to purchase at different price levels Substitutes - Products or services that are in competition with each other Indirect Tax - Taxes levied by the Government on goods and services