iGCSE Business Studies Exam Study Guide with Complete Solutions
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Course
IGCSE
Institution
IGCSE
iGCSE Business Studies Exam Study
Guide with Complete Solutions
Needs - Correct Answer️️ -We cannot live without these.
Wants - Correct Answer️️ -They benefit us but are not necessary to live.
Scarcity - Correct Answer️️ -Lack of sufficient resources.
Needs (example) - Correct Answ...
Division of Labour - Correct Answer✔️✔️-When production is split into different tasks
performed by different people.
In a car plant, different people fitting the headlights, seats, etc.
Difference between Specialisation and Division of Labour - Correct Answer✔️✔️-
Specialization is usually on a company-wide level.
Division of labour deals with specific tasks.
Mixed Economy - Correct Answer✔️✔️-Has both a private and public sector.
Public Sector
+Example - Correct Answer✔️✔️-Businesses owned by the government, to provide the
people of a country.
Police service, free healthcare
Private Sector
+Example - Correct Answer✔️✔️-Businesses owned by private individuals for profit
Supermarket
Privatisation - Correct Answer✔️✔️-Governments selling parts of of whole businesses to
private sector firms
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