Exam (elaborations)
New 2025 Edexcel GCSE Business Studies Exam With 100% Verified Solutions!!
- Course
- Institution
New 2025 Edexcel GCSE Business Studies Exam With 100% Verified Solutions!!...
[Show more]
Content preview
New 2025 Edexcel GCSE Business Studies ExamWith 100% Verified Solutions!!
Production - ANSWER The process by which resources are transformed into goods or
services
Advantages of division of labour - ANSWER 1. More output
2. Saves time
3. Workers are able to focus on one work
4. Production is simplified
Disadvantages of division of Labour - ANSWER 1. The job becomes monotonous
2. Workers may get bored and quit
3. All stages of production will be interdependent on each other so if one stage breaks
down the others will too
Give examples of factors that affect business locations - ANSWER 1. Cost of land
2. Cost and availability of labour
3. Government policies
4. Language barriers
5. Proximity to market
6. Transportation
7. Political stability
Why do governments place policies? - ANSWER 1. To encourage firms to either locate
where unemployment is high
2. Avoid congestion in areas already developed
,3. To reduce the gap between the rich and the poor
4. Balance imports and exports
Boom - ANSWER National income is rising fast, demand for goods and services are
rising, jobs created, wages will rise, profits will rise but so will prices which will result in
inflation
Recession - ANSWER National income starts to fall, demand for goods and services fall,
unemployment rises quickly, businesses' confidence is low, bankruptcies start to occur
and prices will start to fall
Interest - ANSWER The cost of borrowing money
Monetary policy - ANSWER The use of alterations of interest rate and supply of money to
control the economy
Regional policy - ANSWER Seeks to encourage firms to locate in areas of dereliction
such as brownfield sites by the use of financial carrots through sweeteners
Fiscal policy - ANSWER The use of changes in taxation and government spending to
control the economy
Direct Tax - ANSWER Taxes directly deducted from earnings
Indirect Tax - ANSWER Tax added to cost of goods and services
Inflation - ANSWER A rise in general price levels
Government legislation protects - ANSWER 1. Employees
2. Consumers
, 3. Environment
4. Competition
Authority - ANSWER The right to comment and make decisions
Chain of command - ANSWER The route through which orders are passed down the
hierarchy
Formal organisation - ANSWER The internal structure of a business shown by an
organisational chart
Hierarchy - ANSWER The sequence or levels of responsibility in an organisation from
the lowest to highest
Organisational chart - ANSWER A diagram showing the various job titles in a business
and how these relate to each other
Span of control - ANSWER The number of people any one person is directly responsible
for within a business
Tall structure - ANSWER - More layers of hierarchy
Narrow span of control
Long chain of command
Flat structure - ANSWER - Few layers of hierarchy
Wide span of control
Short chain of command
Advantages of tall structures - ANSWER 1. Motivates workers as there is a clear route of
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 Chrisyuis. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now