GCSE Business AQA GCSE Business Paper 2 Study Guide Graded A
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Module
Business
Institution
Business
GCSE Business AQA GCSE Business Paper 2 Study Guide Graded A+
Aim
Business plan
Competition
Cost
Customer
Customer satisfaction
Demand
Directors
Diseconomies of scale
Dividend
E-commerce
Economies of scale
Employees
Enterprise
Entrepreneur
Ethical objectives
Ethics
Expansion
Expo...
GCSE Business AQA GCSE Business Paper 2
Study Guide Graded A+
1). Aim
Ans: The intention to reach a goal.
2). Business plan
Ans: A detailed statement of how the business intends to operate, either at start-up or
during a given period of time.
3). Competition
Ans: The rivalry between businesses looking to sell their goods/services in the same
market.
4). Cost
Ans: The money spent by a business on goods and services.
5). Customer
Ans: Individuals, businesses or organisations that purchase goods/services and make
decisions about which supplier to choose.
6). Customer satisfaction
Ans: Whether customers are pleased with the goods/services they receive; whether
they would purchase again.
7). Demand
Ans: The quantity of a particular product that will be bought at particular price over a
specific time.
8). Directors
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, Ans: The people who are elected by the shareholders to run the business on their
behalf.
9). Diseconomies of scale
Ans: When a business grows too large, leading to a possible increase in unit cost.
10). Dividend
Ans: A portion of the after-tax profit that is paid to shareholders according to the
number of shares they own.
11). E-commerce
Ans: Business transactions carried out electronically on the internet.
12). Economies of scale
Ans: The cost advantage of producing on a large scale. As output increases the unit
cost decreases.
13). Employees
Ans: Individuals who work full time or part time for the business; they have a contract
of employment detailing their duties and rights.
14). Enterprise
Ans: The ability to identify business ideas and opportunities to bring them to fruition
and to take risks where appropriate.
15). Entrepreneur
Ans: A person who has the vision to use initiative to make business ideas happen,
managing the resources and risks.
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