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Cambridge IGCSE Business Studies Questions and Answers | Latest Update | 2024/2025 | Rated A+ $10.83   Add to cart

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Cambridge IGCSE Business Studies Questions and Answers | Latest Update | 2024/2025 | Rated A+

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Cambridge IGCSE Business Studies Questions and Answers | Latest Update | 2024/2025 | Rated A+ What is meant by a ‘need’? A need is something essential for survival, such as food, water, or shelter. What is a ‘want’? A want is something that is not essential for survival but ...

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  • September 25, 2024
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  • 2024/2025
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  • Cambridge IGCSE Business Studies
  • Cambridge IGCSE Business Studies
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Cambridge IGCSE Business Studies
Questions and Answers | Latest Update |
2024/2025 | Rated A+
What is meant by a ‘need’?


✔✔ A need is something essential for survival, such as food, water, or shelter.




What is a ‘want’?


✔✔ A want is something that is not essential for survival but is desired to improve the quality of

life, like a smartphone or holiday.




What is ‘opportunity cost’?


✔✔ Opportunity cost is the benefit or value of the next best alternative that is given up when

making a choice.




What is meant by ‘specialization’?


✔✔ Specialization is when individuals, businesses, or economies focus on producing a limited

range of goods or services to increase efficiency.




1

,What is ‘added value’?


✔✔ Added value is the difference between the cost of producing a product and the price at

which it is sold.




What is a ‘sole trader’?


✔✔ A sole trader is a business owned and operated by one person who has unlimited liability.




What is meant by a ‘partnership’?


✔✔ A partnership is a business owned by two or more people who share profits and

responsibility for its operation.




What is a ‘private limited company (Ltd)’?


✔✔ A private limited company is a business owned by shareholders, but its shares are not

available to the general public.




What is a ‘public limited company (PLC)’?


✔✔ A public limited company is a large business whose shares are traded on the stock exchange

and can be bought by the public.




2

,What is ‘unlimited liability’?


✔✔ Unlimited liability means that the business owners are personally responsible for all the

debts of the business.




What is meant by ‘limited liability’?


✔✔ Limited liability means that the shareholders of a company are only responsible for the

business's debts up to the amount they invested.




What is a ‘franchise’?


✔✔ A franchise is a business model where a franchisee is allowed to operate a business using

the branding, systems, and support of an established franchisor in exchange for fees.




What is ‘business objective’?


✔✔ A business objective is a specific goal that a business aims to achieve, such as increasing

profits, expanding market share, or improving customer satisfaction.




What is meant by ‘profit’?


✔✔ Profit is the financial gain that results when revenue exceeds costs.




3

, What is a ‘business plan’?


✔✔ A business plan is a document that outlines a business's objectives, strategies, target market,

and financial forecasts.




What is ‘revenue’?


✔✔ Revenue is the total amount of money a business earns from selling its products or services

before any expenses are deducted.




What is ‘market share’?


✔✔ Market share refers to the percentage of total sales in a market that is owned by a particular

business.




What is ‘break-even’?


✔✔ Break-even is the point at which a business's total revenue equals its total costs, resulting in

no profit or loss.




What is ‘cash flow’?


✔✔ Cash flow is the movement of money into and out of a business, including income and

expenses, over a period of time.

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