iGCSE Business Studies Exam Study Guide with Complete Solutions
5 views 0 purchase
Module
IGCSE
Institution
IGCSE
iGCSE Business Studies Exam Study
Guide with Complete Solutions
Needs - Correct Answer️️ -We cannot live without these.
Wants - Correct Answer️️ -They benefit us but are not necessary to live.
Scarcity - Correct Answer️️ -Lack of sufficient resources.
Needs (example) - Correct Answ...
Division of Labour - Correct Answer✔️✔️-When production is split into different tasks
performed by different people.
In a car plant, different people fitting the headlights, seats, etc.
Difference between Specialisation and Division of Labour - Correct Answer✔️✔️-
Specialization is usually on a company-wide level.
Division of labour deals with specific tasks.
Mixed Economy - Correct Answer✔️✔️-Has both a private and public sector.
Public Sector
+Example - Correct Answer✔️✔️-Businesses owned by the government, to provide the
people of a country.
Police service, free healthcare
Private Sector
+Example - Correct Answer✔️✔️-Businesses owned by private individuals for profit
Supermarket
Privatisation - Correct Answer✔️✔️-Governments selling parts of of whole businesses to
private sector firms
3/17
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 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 EmillyCharlotte. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.89. You're not tied to anything after your purchase.