top of page

A level and O level ECONOMICS 

Access 400+ Economics Essays With the Economics Study Pack 
(Free previews below!)

What if you could score the highest grades possible on your economics essays? Subscribe and get access to a collection of high-quality A+ economics essays.

  • Well structured

  • Simple and clear english

  • Diagrams included where relevant

  • For A level, AS level, GCSEs and O level.

 

www.toolazytostudy.com.png

Consumer Preference for Small vs. Large Firms

Discuss whether people would prefer to buy a product from a small firm or a large firm.

Category:

Market Structures and Competition

tgu9i.PNG

Answer

1. Understand the advantages of both small and large firms: Before answering the essay question, it is important to have a clear understanding of the advantages that both small and large firms offer to consumers. This will help you to provide a balanced and well-informed response.

2. Provide specific examples: To support your arguments, it is important to provide specific examples of situations where consumers may prefer to buy from a small or large firm. This will help to illustrate your points and make your essay more convincing.

3. Consider the perspective of the consumer: When answering the essay question, it is important to consider the perspective of the consumer. What factors are most important to them when making purchasing decisions? By taking this approach, you can provide a more relevant and insightful response to the question.

STEPS TO WRITE ESSAY 💡MAIN POINTS💡OVERVIEW

I. Introduction
- Brief explanation of the importance of small and large firms in the economy
- Thesis statement: While small firms offer flexibility, personal service, specialization, and government subsidies, large firms provide lower prices, better-known brands, wider variety of products, and better quality products and after-sales service.

II. Advantages of buying from small firms
- Flexibility and quick response to changes in consumer demand
- Personal service and adaptation to customer requirements
- Specialization and production of high-quality products
- Government subsidies and avoidance of diseconomies of scale

III. Advantages of buying from large firms
- Lower prices due to economies of scale
- Better-known brands due to advertising
- Wider variety of products
- Better quality products and after-sales service

IV. Comparison of advantages
- Discussion of how the advantages of small and large firms compare to each other
- Examples of situations where one type of firm may be preferred over the other

V. Conclusion
- Recap of the advantages of small and large firms
- Final thoughts on the importance of considering both types of firms when making purchasing decisions.

rurtrrutu.PNG

The economy is composed of both small and large firms, each of which offers unique advantages to consumers. Small firms offer flexibility, personal service, specialization, and government subsidies, while large firms provide lower prices, better-known brands, wider variety of products, and better quality products and after-sales service.

When buying from small firms, consumers benefit from the flexibility and quick response to changes in consumer demand. Small firms are also able to provide personal service and adapt to customer requirements, as well as specialize in the production of high-quality products. Additionally, small firms may be eligible for government subsidies, which can help them avoid the diseconomies of scale that can occur with larger firms.

On the other hand, large firms offer lower prices due to economies of scale, better-known brands due to advertising, a wider variety of products, and better quality products and after-sales service. These advantages can be especially beneficial for consumers who are looking for a wide selection of products at the lowest possible price.

When making purchasing decisions, it is important to consider both the advantages of small and large firms. In some cases, the advantages of one type of firm may be preferred over the other. For example, if a consumer is looking for a specialized product, they may be better off buying from a small firm, while if they are looking for a wide selection of products at the lowest possible price, they may be better off buying from a large firm.

In conclusion, both small and large firms offer unique advantages to consumers. Small firms offer flexibility, personal service, specialization, and government subsidies, while large firms provide lower prices, better-known brands, wider variety of products, and better quality products and after-sales service. When making purchasing decisions, it is important to consider both types of firms in order to get the best value for money.

lkml.PNG

lkml.PNG

lkml.PNG

lkml.PNG

Halftone Image of a Hand

The above material is protected and is not to be copied.

bottom of page