Business studies igcse - Study guides, Revision notes & Summaries

Productivity - Answer output measured against the inputs used to create it. Buffer Inventory Level - Answer inventory held to deal with uncertainty in customer demand and deliveries of supplies. Lean Production - Answer techniques used by businesses to cut down on waste and therefore increase efficiency. Kaizen - Answer Japanese term meaning "continuous improvement" through the elimination of waste. Just-in-time (JIT) - Answer production method that involves reducing or v...

A Need - A good or service essential for living. A want - A good or service that people would like to have, but which is not essential for living. Economic problem - Unlimited wants but limited resources - this creates scarcity. Scarcity - Lack of sufficient products to satisfy total wants of population. Opportunity Costs - The next best item given up by choosing another. Factors of production - Resources needed to produce goods and services - land, labour, capital and enterprise

These are the full revision notes which cover all topics required for the Cambridge IGCSE Business Studies exam. They cover all parts required by the syllabus, chapter from 1 to 6. The syllabus code is 0450. Please try these notes and good luck with your exams! I recommend them as I got A* in my Business Studies IGCSE. If you have any doubts don't hesitate in contacting me! It would be very helpful if you give a review as feedback. Thank you!

Need Goods or services essential for living Want Goods or services which people would like to have, but which is not essential for living (Unlimited) Brainpower Read More Economic problem There exist unlimited wants but limited resources to produce the goods or services to satisfy those wants. (Scarcity) Factor of production Resources needed to produce goods or services Scarcity The lack of sufficient resources to fulfil population's wants Land All n...

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