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Edexcel IGCSE Business Studies | Latest Update | 2024/2025 | Rated A+

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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 a...

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Uploaded on September 25, 2024
Number of pages 40
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edexcel igcse business studies latest update 2

Institution Edexcel IGCSE Business Studies |
Course Edexcel IGCSE Business Studies |

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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 objective’?

✔✔ A business objective is a specific goal or target that a business aims to achieve.

What is ‘revenue’?

1

,✔✔ Revenue is the total income a business earns from selling goods or services before any

expenses are deducted.

What is ‘cash flow’?

✔✔ Cash flow is the movement of money into and out of a business over a specific period.

What is the definition of ‘break-even’?

✔✔ Break-even is the point where a business's total revenue equals its total costs, resulting in

neither profit nor loss.

What is meant by ‘stakeholders’?

✔✔ Stakeholders are individuals or groups that have an interest in the activities and decisions of

a business, such as employees, customers, suppliers, and shareholders.

What is ‘capital’?

✔✔ Capital refers to financial resources or funds used to start or grow a business.

What is meant by ‘limited liability’?

2

,✔✔ Limited liability means that the owners of a business are only responsible for the company's

debts up to the amount they have invested.

What is a ‘public limited company (PLC)’?

✔✔ A public limited company (PLC) is a type of company whose shares are traded on a stock

exchange and can be bought by the general public.

What is ‘market research’?

✔✔ Market research is the process of gathering, analyzing, and interpreting information about a

market, including customer needs and preferences.

What is ‘demand’?

✔✔ Demand refers to the quantity of a product or service that consumers are willing and able to

buy at a given price.

What is a ‘sole trader’?

✔✔ A sole trader is a business owned and operated by one individual who has full control and

unlimited liability.

3

, What is ‘economies of scale’?

✔✔ Economies of scale occur when a business's average costs decrease as it increases

production due to factors like bulk buying or operational efficiency.

What is the role of a ‘business plan’?

✔✔ A business plan outlines the objectives, strategies, target market, and financial forecasts for

a business to guide its operations and seek investment.

What is meant by ‘competition’?

✔✔ Competition refers to the rivalry between businesses that are trying to attract the same

customers in a market.

What is a ‘franchise’?

✔✔ A franchise is a business model where a business (franchisor) allows another party

(franchisee) to operate using its brand and system in exchange for fees or royalties.

What is ‘added value’?

✔✔ Added value is the difference between the cost of inputs and the price a business can charge

for its finished product.

4

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