Cambridge IGCSE Business Studies Questions with Correct Answers.
43 views 0 purchase
Course
Cambridge IGCSE Business Studies
Institution
Cambridge IGCSE Business Studies
A Need Correct Answer A good or service essential for living.
A want Correct Answer A good or service that people would like to have, but which is not essential for living.
Economic problem Correct Answer Unlimited wants but limited resources - this creates scarcity.
Scarcity Correct Answe...
Cambridge IGCSE Business Studies Questions with Correct Answers. A Need Correct Answer A good or service essential for living.
A want Correct Answer A good or service that people would like to have, but which is not essential for living.
Economic problem Correct Answer Unlimited wants but limited resources - this creates scarcity.
Scarcity Correct Answer Lack of sufficient products to satisfy total wants of population.
Opportunity Costs Correct Answer The next best item given up by choosing another.
Factors of production Correct Answer Resources needed to produce goods and services - land, labour, capital and enterprise
Business Correct Answer An organisation that combines factors of production to make goods and services to satisfy people's wants and needs.
Specialisation Correct Answer People and business concentrate on what they are best at.
Division of labour Correct Answer Production is split into seperate tasks each worker specialises in one task
Added Value Correct Answer The difference between a product's selling price and the cost of bought in materials.
Primary sector Correct Answer Businesses that extract and use natural resources to produce raw materials.
Secondary sector Correct Answer Businesses that manufactures goods using raw materials provided by primary sector.
Tertiary sector Correct Answer Businesses that provide services to consumers and other firms.
Deindustrialisation Correct Answer Decline in the importance of secondary, manufacturing industry. Mixed economy Correct Answer This has both private sector businesses and public sector businesses.
Private sector Correct Answer Businesses owned by people, not the goverment/state.
Public sector Correct Answer Businesses owned by goverment/state.
Privatisation Correct Answer The sale of public sector business to private sector.
Entrepreneur Correct Answer Someone who organises, operates and takes the risk for a new business venture.
Business plan Correct Answer The objectives and details of the operations, finance and owners of a new business.
Capital employed Correct Answer The total value of capital used in a business.
Internal Growth Correct Answer The business expands its existing operations.
External Growth Correct Answer The business expands by merging with or taking over another business.
Takeover Correct Answer A business buys out the owners of another business.
Merger Correct Answer The owners of businesses agree to join their firms together to form one business.
Horizontal integration Correct Answer The business integrates with another in the same industry at the same stage of production.
Vertical integration Correct Answer The business integrates with another in the same industry but at a different stage of production - towards suppliers is backward vertical integration and towards the market/customer is forward vertical integration.
Conglomerate integration Correct Answer The business integrates with another but in a different industry.
Soletrader Correct Answer The business is owned by one person.
Partnership Correct Answer The business is jointly owned by two or more people.
Limited liability Correct Answer The liability of owners/shareholders is limited to the amount invested. Personal posessions are not at risk.
Incorporated business Correct Answer A business with seperate legal identity from its owners.
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 or Stuvia-credit 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 ExamsGuru. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.89. You're not tied to anything after your purchase.
