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IGCSE Business studies (0450) notes
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BUSINESSSTUDIES
, UNDERSTANDING BUSINE
ACTIVITIES
1. 1 BUSINESS ACTIVITY
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Needs :
Essential things needed for survival and essential for
life eg . water, shelter
wants :
Non essential
-
and services people would like to have
goods .
They are
unlimited , but there are limited resources to produce them
scars ity is the shortage of a resource oil Hand
eg
. .
↳ makes
products expensive as demand 9 than
more
supply
↳
↳ caused by limited supplies of factors of production
exists when Human need TExEeEdTnTTmTint that available resources
can
produce
include
product service
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Factors OF PRODUCT 's a -
inese
↳ 3 .
Capital
-
cash or goods a business uses to generate income
what is the purpose of business ?
activity
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create new products Added value
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generate larger amt of sales
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support community projects and social activities
Quality
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Market
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conven
1. 2 Classification of a Business
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1
Primary sector Businesses that extract raw materials from
-
.
the
industries
by other
2 .
Secondary Sector -
manufactures raw materials and transforms them into
products
3.
Tertiary Sector
-
sells finished products and services to the consumer
↳ service
provider
A- market is where buyers and sellers meet to perform business activity
(
(
↳ Geographic =
town region 1 country
Black =
illegal and uncommon
eg
.
drugs
,Specialisation is when business,
region country focuses producing
{
a person, or on a
of goods 1 services
best suited for
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labour employees allows
they employees
-
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work on the task are
Not
only can an
employee be specialised
↳ Businesses Audi -
cars
eg
.
↳
Regions eg . Santos
region in Brazil specialises in co
production
e ↳
country eg .
Japan specialises in
computing and
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, The
- private sector
The private sector is formed of businesses that individualslgroups
are run
by private
↳
often have shareholders
↳
profit driven
sole trader A Public se
eg
.
.
-
private limited company ( Ltd )
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public limited C PLC ) formed of busin
company
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h
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BUSINESS
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that outline
iosrtneoupyocyess privately
which the business
by government takes over a run
↳ attract
usually occurs when an important business starts to fail gives the
↳ loss
of jobs =
loss of income from tax should develo
measure s
1. 3 ENTERPRISE BUSINESS GROWTH AND SIZE Interested ?
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Hard working and intelligent organised , player , committed ,
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excellent Business resourceful
knowledge
The business
-
plan may
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be divided into different
.
-
.
sections
1. Business summary -
general description of the product service and the ethos of the business
↳ views, attitude behav
,
2. Business Details - •
business ideas
goals
•
unique selling point
•
Recruitment
•
legal structure primary
•
3. Market Research -
evidence to
↳
graphs,
support business plan
tables
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↳ demonstrate product service needed t will
,BUSINESS SIZE
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there are many types of ways to measure business size
1. capital Employed ( the amount of money → the value of all the business assets it is difficu
invested in the business ) added up shows how much the eg Busines
.
business could be worth .
worth in
2. Market Share c the total amount
of sales a
→
useful comparison against businesses A business
in the same
business has as a
percentage industry have a l
of the total sales in that that the
markets Doesn't sho
3. Number Of Outlets do
→
Geographical idea as each outlet will take up outlets
a certain amount of space to ↳ not show
easy
=
compare
4 Number Of Employees Shows the scale ( extent ) to which the You cannot
→
.
business operates as employees t
only has a
skills of e
dollars
5. value of the business C the price another →
this can be a
good reflection of the This measu
business is willing to pay to true worth of the business in the a busines
own the business ) worth
marketplace . An
compared
6. Valve of output →
shows how much the business producing
is Revenue a
and how much people are
willing to pay the costs o
for these products Easily compared
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when la
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, MOTIVATION
The desire to achieve I outcome individual desires Maslow s
a certain result . The more an a certain 1 .
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Hierarchy
outcome harder will achieve that
,
the
they work to outcome .
Work fulfils an important role
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motivated workers = Motivationtheoriesmmm ↳ all human beings have simil
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t efforts results in higher productivity
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self -
actual isatin that continues to motivate people
harder and to
to work experience new
things .
Needs into 2 levels
Hierarchy of is often split :
NEEDS
needs
M
•
lower order -
physiological safety and
,
Security / belonging needs 1. Physiological -
essential for human surviva
↳ most important needs for any hum
Higher order needs self esteem and self
• - - -
↳ work helps provides us
mone
actualisatin needs
2. Safety
-
seek
safety needs of security
in their lives .
Theory
nmnr nm
Into Practice
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↳ work
↳ freedom
provides money to
'
buy
'
security
from fear of loosing job
Mallows theory has important practical implications for
business .
3.
Belonging -
People like to belong to
g
↳ social needs
'
'
Satisfying employee needs is not all about money other ↳ work
•
helps to pr
-
thing such as teamwork can be equally important people can just i
Helping people to feel satisfied requires firm to
provide 4. Esteem
g
•
when people feel
-
opportunities for fulfilment at all levels of hierarchy they have done or w
self esteem 9
work is important It gives purpose and meaning to people 's
•
↳ work
.
helps p
lives If . a firm wants to motivate c
get the best out of ) its
targets and p
people ,
it must help them find ways to be more satisfied at are successful
Work .
5 .
Self -
actual is ation -
refe
Ultimately ,
work provides the means for people to move up
↳
u
Maslow's hierarchy and satisfy more of their needs .
2. scientific Management CF
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Problems
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