Economics A-Level
Business decision-making
What Business decision-making means in Economics A-Level, as defined for AQA.
Definition of Business decision-making
Check what you remember
Read the wording for your board, then hide it and explain Business decision-making in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
Firms use price elasticity of demand estimates to set revenue-maximising prices.
Topics that use Business decision-making
- Price, income and cross elasticities of demand (AQA A-Level)
Related terms
- Cross Elasticity of Demand (XED)
- Income Elasticity of Demand (YED)
- Price Elasticity of Demand (PED)
- Revenue maximisation
- Complementary goods
- Consumer expenditure
- Cross elasticity of demand
- Inferior good
Using Business decision-making in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
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