Edexcel IGCSE Business Studies |
Latest Update | 2024/2025 | Rated A+
What is meant by ‘profit’?
Profit is the financial gain made when total revenue exceeds total costs.
Define 'entrepreneur'.
An entrepreneur is an individual who takes the risk to start and run a business with the a...
Edexcel IGCSE Business Studies |
Latest Update | 2024/2025 | Rated A+
What is meant by ‘profit’?
✔✔ Profit is the financial gain made when total revenue exceeds total costs.
Define 'entrepreneur'.
✔✔ An entrepreneur is an individual who takes the risk to start and run a business with the aim
of making a profit.
What is the meaning of ‘market share’?
✔✔ Market share refers to the percentage of total sales in a market that a company or product
controls.
What is a ‘business objective’?
✔✔ A business objective is a specific goal or target that a business aims to achieve.
What is ‘revenue’?
1
,✔✔ Revenue is the total income a business earns from selling goods or services before any
expenses are deducted.
What is ‘cash flow’?
✔✔ Cash flow is the movement of money into and out of a business over a specific period.
What is the definition of ‘break-even’?
✔✔ Break-even is the point where a business's total revenue equals its total costs, resulting in
neither profit nor loss.
What is meant by ‘stakeholders’?
✔✔ Stakeholders are individuals or groups that have an interest in the activities and decisions of
a business, such as employees, customers, suppliers, and shareholders.
What is ‘capital’?
✔✔ Capital refers to financial resources or funds used to start or grow a business.
What is meant by ‘limited liability’?
2
,✔✔ Limited liability means that the owners of a business are only responsible for the company's
debts up to the amount they have invested.
What is a ‘public limited company (PLC)’?
✔✔ A public limited company (PLC) is a type of company whose shares are traded on a stock
exchange and can be bought by the general public.
What is ‘market research’?
✔✔ Market research is the process of gathering, analyzing, and interpreting information about a
market, including customer needs and preferences.
What is ‘demand’?
✔✔ Demand refers to the quantity of a product or service that consumers are willing and able to
buy at a given price.
What is a ‘sole trader’?
✔✔ A sole trader is a business owned and operated by one individual who has full control and
unlimited liability.
3
, What is ‘economies of scale’?
✔✔ Economies of scale occur when a business's average costs decrease as it increases
production due to factors like bulk buying or operational efficiency.
What is the role of a ‘business plan’?
✔✔ A business plan outlines the objectives, strategies, target market, and financial forecasts for
a business to guide its operations and seek investment.
What is meant by ‘competition’?
✔✔ Competition refers to the rivalry between businesses that are trying to attract the same
customers in a market.
What is a ‘franchise’?
✔✔ A franchise is a business model where a business (franchisor) allows another party
(franchisee) to operate using its brand and system in exchange for fees or royalties.
What is ‘added value’?
✔✔ Added value is the difference between the cost of inputs and the price a business can charge
for its finished product.
4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SterlingScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.36. You're not tied to anything after your purchase.
