Gcse business studies - Study guides, Class notes & Summaries

QUESTIONS AND ANSWERS

Need - Answer A good or service that is essential for people's living Want - Answer A good or service which people want to have, not essential Economic problem - Answer When wants exceed the resource available to make scarcity Scarcity - Answer when there are unlimited wants but limited resources Factors of Production (4) - Answer Land, labor, capital, enterprise Opportunity cost - Answer The next best alternative choice given up as another was chosen Specializatio...

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 whe...

Above-the-line promotion - correct answer Placing adverts using the media. Acid test ratio - correct answer Similar to the current ratio but excludes stocks from current assets. Sometimes called the quick ratio. Advertising - correct answer Communication between a business and its customers whereby messages are placed in the media to encourage the purchase of products. Agent or broker - correct ...

Aim - correct answer The intention to reach a goal. Asset - correct answer Something the business owns; it has a value. Air pollution - correct answer The presence or introduction of harmful substances into the air causing disease, allergies or damage to humans, animals, plants or the built environment. Advertising - correct answer ...

2024 EDEXCEL GCSE BUSINESS PAPER 1 MARK SCHEME

WJEC GCSE Business Studies Questions with solutions 2023 Business Any organisation that uses resources to meet the needs of customers by providing a product or service they demand Good Tangible Service Intangible activities that businesses can carry out for customers Public Sector Organisations which are owned and run by the government Private Sector Organisations which are owned by private individuals Enterprise A willingness to take risks and show init...

iGCSE Business Studies Questions and Answers | Latest Version | 2024/2025 | 100% Pass What is the definition of a business? A business is an organization that provides goods or services to customers in exchange for money. What are the main objectives of a business? The main objectives of a business typically include making a profit, increasing market share, and providing quality products or services. What is the difference between goods and services? Goods are tangible produc...

Cambridge IGCSE Business Studies 5th edition Hodder Education