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O/L Unit 4: The private firm as producer and employer

Topic #
Topic
Outcome
4.1
Different types of business organisation
Describe the types of business organisation in the private sector:
• sole trader (proprietor)
• public limited company
• multinationals
• co-operatives
Describe the type of business organisation in the public sector:
• state-owned enterprise (public corporation)
4.2
Moving sectors
Discuss the effects of moving from the:
• public sector to the private sector
• private sector to the public sector
4.3
Changes in the structure of business organisations
• Describe the effects of changes in the structure of
business organisations
• Evaluate the effects of changes in the structure of business organisations
4.4
Demand for factors of production
• Describe what determines the demand for factors of production
• Distinguish between labour-intensive and capital-intensive production
4.5
Productivity
• Define productivity
• Recognise the difference between productivity and production
4.6
Costs of production
• Define total cost
• Define average cost
• Define fixed cost
• Define variable cost
• Perform simple calculations
4.7
Changes in costs as output changes
• Analyse particular situations to show changes in total cost as output changes
• Analyse particular situations to show changes in average cost as output changes
4.8
Revenue
• Define total revenue
• Define average revenue
• Perform simple calculations
4.9
Profit maximisation
• Describe the principle of profit maximisation as a goal
• Recognise that business organisations may have
different goals
4.10
Market structure
• Describe the characteristics of perfect competition
• Describe the characteristics of monopoly
4.11
Pricing and output policies in different markets
• Describe pricing and output policies in perfect
competition
• Describe pricing and output policies in monopoly
4.12
Size of firms
Describe the main reasons for the different sizes of firms:
• size of market
• capital
• organisation
4.13
Integration and economies of scale
• Describe integration
• Evaluate integration
• Describe economies of scale
• Evaluate economies of scale
• Describe diseconomies of scale
• Evaluate diseconomies of scale
4.14
Monopoly
• Discuss the advantages of monopoly
• Discuss the disadvantages of monopoly

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