IGCSE business studies summer notes (A* student for Edexcel)
Business IGCSE Key words
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IGCSE Level Business – Review
Instructions
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Business activity and influences on
business
Business Objectives
• Businesses can have several
objectives:
• financial aims and objectives -
survival, profit, sales, market share,
financial security.
• non-financial aims and objectives -
social objectives, personal
satisfaction, challenge, independence
and control.
• Why business aims and objectives
change as businesses evolve:
• in response to market conditions
• technology
• performance
• legislation
• internal reasons.
Types of organisations
• The main types of business
ownership:
• sole trader
• partnerships
• limited companies (private and
public)
• public corporations.
• Characteristics relating to size:
• concepts of risk,
• ownership and limited liability
• public corporations – reasons for and
against public ownership
• ownership, control, sources of
finance, use of profits, stakeholders
and shareholders
• appropriateness of different forms
of ownership.
• Different forms of business
organisation:
• franchises
, • social enterprises
• multinationals.
Classification of businesses
• Primary, secondary and tertiary
activities:
• primary sector – extracting raw
materials from the earth
• secondary sector – converting raw
materials into finished or semi-
finished goods
• tertiary sector – provision of a wide
variety of services.
Decisions of location
• The main factors influencing
location decisions and relocation of
a business:
• proximity to market, labour,
materials and competitors
• nature of the business activity
• the impact of the internet on
location decisions - e-commerce
and/or fixed premises
• legal controls and trade blocs.
Business and the international economy
• Globalisation:
• concept of globalisation
• opportunities and threats of
globalisation for businesses.
• The importance and growth of
multinationals:
• benefits of a business becoming a
multinational
• benefits to a country and/or
economy where a multinational
company is located
• possible drawbacks to a country
and/or economy where a
multinational is located.
• Exchange Rates:
• Exchange rate calculation.
, • The impact of exchange rate
changes:
• on international competitiveness
• on importers and exporters
Government objectives and policies
• Government spending:
• to provide public service
• taxation and constraints on public
spending.
• How governments can affect
business activity:
• infrastructure provision
• legislation
• trade policy - membership of trading
blocs, tariffs.
• The effect of interest rates on:
• businesses
• consumer spending.
External Factors
• The external factors affecting
business decisions:
• social
• technological
• environmental
• political.
What makes a business successful?
• Measuring success in business:
• revenue
• market share
• customer satisfaction
• profit
• growth
• owner/shareholder satisfaction
• employee satisfaction.
• Reasons for business failure:
• cash flow problems/lack of finance
• not competitive
• failure to adapt to changes in the
market.
People in Business
Internal and external communication
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