EDEXCEL A LEVEL BUSINESS: PAPER 3
(ADVANCED INFORMATION) EXAM
2024/2025 | ACCURATE AND VERIFIED
EXAM QUESTIONS AND ANSWERS FOR
GUARANTEED PASS | LATEST UPDATE
price elasticity of demand - ✔✔ANSW✔✔..a measure of the
sensitivity of demand to changes in price
Competitive Pricing - ✔✔ANSW✔✔..When the product is priced in
line with or just below competitors' prices to try to capture more of
the market.
Government expenditure - ✔✔ANSW✔✔..The amount spent by
the government in its provision of public services
Gross Domestic Product (GDP) - ✔✔ANSW✔✔..A measurement
of the total goods and services produced within a country.
Index linked - ✔✔ANSW✔✔..The linking of certain payments,
such as benefits, to the rate of inflation
Inflation - ✔✔ANSW✔✔..a general increase in prices and fall in
the purchasing value of money.
Monetary Policy - ✔✔ANSW✔✔..Using changes in the interest
rate and money supply to manage the economy
, Recession - ✔✔ANSW✔✔..A less severe form of depression. It is
characterised by two successive quarters of negative economic
growth.
Recovery Phase - ✔✔ANSW✔✔..A period where economic
growth begins to increase again after a recession.
Slump or depression - ✔✔ANSW✔✔..The bottom of the economic
cycle where GDP starts to fall with significant increases in
unemployment
Taxation - ✔✔ANSW✔✔..The charges made by government on
the activities, earnings and income of businesses and individuals
Business confidence - ✔✔ANSW✔✔..a measure of the degree of
optimism of firms regarding the future of the economy. The more
optimistic they are about the future the more likely they are to take
risks and to investment in new projects.
Consumer confidence - ✔✔ANSW✔✔..a measure of how
optimistic consumers are about the overall state of the economy
and their own personal finances. Consumers spend more money
when confidence levels are high.
Anti-competitive or restrictive practices - ✔✔ANSW✔✔..Attempts
by firms to prevent or restrict competition
Barriers to entry - ✔✔ANSW✔✔..obstacles to competition that
prevent others from entering a market
Collusion - ✔✔ANSW✔✔..two or more businesses agreeing to a
restrictive practice such as price fixing.
(ADVANCED INFORMATION) EXAM
2024/2025 | ACCURATE AND VERIFIED
EXAM QUESTIONS AND ANSWERS FOR
GUARANTEED PASS | LATEST UPDATE
price elasticity of demand - ✔✔ANSW✔✔..a measure of the
sensitivity of demand to changes in price
Competitive Pricing - ✔✔ANSW✔✔..When the product is priced in
line with or just below competitors' prices to try to capture more of
the market.
Government expenditure - ✔✔ANSW✔✔..The amount spent by
the government in its provision of public services
Gross Domestic Product (GDP) - ✔✔ANSW✔✔..A measurement
of the total goods and services produced within a country.
Index linked - ✔✔ANSW✔✔..The linking of certain payments,
such as benefits, to the rate of inflation
Inflation - ✔✔ANSW✔✔..a general increase in prices and fall in
the purchasing value of money.
Monetary Policy - ✔✔ANSW✔✔..Using changes in the interest
rate and money supply to manage the economy
, Recession - ✔✔ANSW✔✔..A less severe form of depression. It is
characterised by two successive quarters of negative economic
growth.
Recovery Phase - ✔✔ANSW✔✔..A period where economic
growth begins to increase again after a recession.
Slump or depression - ✔✔ANSW✔✔..The bottom of the economic
cycle where GDP starts to fall with significant increases in
unemployment
Taxation - ✔✔ANSW✔✔..The charges made by government on
the activities, earnings and income of businesses and individuals
Business confidence - ✔✔ANSW✔✔..a measure of the degree of
optimism of firms regarding the future of the economy. The more
optimistic they are about the future the more likely they are to take
risks and to investment in new projects.
Consumer confidence - ✔✔ANSW✔✔..a measure of how
optimistic consumers are about the overall state of the economy
and their own personal finances. Consumers spend more money
when confidence levels are high.
Anti-competitive or restrictive practices - ✔✔ANSW✔✔..Attempts
by firms to prevent or restrict competition
Barriers to entry - ✔✔ANSW✔✔..obstacles to competition that
prevent others from entering a market
Collusion - ✔✔ANSW✔✔..two or more businesses agreeing to a
restrictive practice such as price fixing.
