Gcse business studies - Study guides, Class notes & Summaries

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A Need - Answer A good or service essential for living. A want - Answer A good or service that people would like to have, but which is not essential for living. Economic problem - Answer Unlimited wants but limited resources - this creates scarcity. Scarcity - Answer Lack of sufficient products to satisfy total wants of population. Opportunity Costs - Answer The next best item given up by choosing another. Factors of production - Answer Resources needed to produce good...

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Stakeholders - Answer Individuals or groups of individuals who affect or are affected by a business Give 8 examples of stakeholders - Answer 1. Government 2. Owner 3. Employees 4. Financiers 5. Community 6. Costumers 7. Managers 8. Suppliers Consumer Goods - Answer Goods and services that are produced for consumers Producer Goods - Answer Goods or products sold from one business to another Needs - Answer Essentials needed for human survivial Wants - Answer Lux...

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 ...

Great IGCSE Business Studies notes detailing all 6 Units, with definitions of key terms and concepts alongside all the needed syllabus information for the best possible grades.

Above-the-line promotion - Answer Placing adverts using the media. Acid test ratio - Answer Similar to the current ratio but excludes stocks from current assets. Sometimes called the quick ratio. Advertising - Answer Communication between a business and its customers whereby messages are placed in the media to encourage the purchase of products. Agent or broker - Answer An intermediary that brings together buyers and sellers. Anti-competitive practices or restrictive trade pr...

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