Igcse business - Study guides, Class notes & Summaries
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Cambridge IGCSE Business Studies Exam Well Answered 100% 2024.
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A Need - Answer A good or service essential for living. 
 
A want - Answer A good or service that people would like to have, but which is not essential for living. 
 
Economic problem - Answer Unlimited wants but limited resources - this creates scarcity. 
 
Scarcity - Answer Lack of sufficient products to satisfy total wants of population. 
 
Opportunity Costs - Answer The next best item given up by choosing another. 
 
Factors of production - Answer Resources needed to produce good...
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Edexcel IGCSE Business Studies | Latest Update | 2024/2025 | Rated A+
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Edexcel IGCSE Business Studies | 
Latest Update | 2024/2025 | Rated A+ 
 
What is meant by ‘profit’? 
 Profit is the financial gain made when total revenue exceeds total costs. 
 
Define 'entrepreneur'. 
 An entrepreneur is an individual who takes the risk to start and run a business with the aim 
of making a profit. 
 
What is the meaning of ‘market share’? 
 Market share refers to the percentage of total sales in a market that a company or product 
controls. 
 
What is a ‘business ...
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EDEXCEL IGCSE Business Studies Training Exam And Actual Answers 2024.
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Above-the-line promotion - Answer Placing adverts using the media. 
 
Acid test ratio - Answer Similar to the current ratio but excludes stocks from current assets. Sometimes called the quick ratio. 
 
Advertising - Answer Communication between a business and its customers whereby messages are placed in the media to encourage the purchase of products. 
 
Agent or broker - Answer An intermediary that brings together buyers and sellers. 
 
Anti-competitive practices or restrictive trade pr...
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Cambridge IGCSE Business Studies 5th edition Hodder Education
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Cambridge IGCSE Business Studies 5th edition Hodder Education
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iGCSE Business Studies Questions and Answers | Latest Version | 2024/2025 | 100% Pass
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iGCSE Business Studies Questions and 
Answers | Latest Version | 2024/2025 | 
 
100% Pass 
 
What is the definition of a business? 
 
A business is an organization that provides goods or services to customers in exchange for 
money. 
 
What are the main objectives of a business? 
The main objectives of a business typically include making a profit, increasing market share, 
and providing quality products or services. 
 
What is the difference between goods and services? 
Goods are tangible produc...
And that's how you make extra money
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BEST REVIEW Cambridge IGCSE Business Studies 100% VERIFIED ANSWERS 2024/2025 CORRECT
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QUESTIONS AND ANSWERS
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IGCSE Business Studies 0450 Assessement Exam With All Correct Answers 2024.
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Need - Answer A good or service that is essential for people's living 
 
Want - Answer A good or service which people want to have, not essential 
 
Economic problem - Answer When wants exceed the resource available to make scarcity 
 
Scarcity - Answer when there are unlimited wants but limited resources 
 
Factors of Production (4) - Answer Land, labor, capital, enterprise 
 
Opportunity cost - Answer The next best alternative choice given up as another was chosen 
 
Specializatio...
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Cambridge IGCSE Business Studies Key Terms
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Cambridge IGCSE Business Studies Key Terms 
Cambridge IGCSE Business Studies Key Terms 
Cambridge IGCSE Business Studies Key Terms
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Cambridge IGCSE Business Studies Questions and Answers | Latest Update | 2024/2025 | Rated A+
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Cambridge IGCSE Business Studies 
Questions and Answers | Latest Update | 
 
2024/2025 | Rated A+ 
 
What is meant by a ‘need’? 
 A need is something essential for survival, such as food, water, or shelter. 
 
What is a ‘want’? 
 
 A want is something that is not essential for survival but is desired to improve the quality of 
life, like a smartphone or holiday. 
 
What is ‘opportunity cost’? 
 Opportunity cost is the benefit or value of the next best alternative that is given up whe...
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IGCSE Business Final Exam Questions & Answers 2024.
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IGCSE Business Final Exam Questions & Answers 2024. 
 
 
CHAPTER 1 - BUSINESS ACTIVITY - CORRECT ANSWER 
 
Business - CORRECT ANSWER An organisation which produces goods and services. 
 
Need - CORRECT ANSWER A need is a good or service essential for living. 
 
Want - CORRECT ANSWER A want is a good or service which people would like to have, but which is not essential for living. People's wants are unlimited. 
 
Economic problem - CORRECT ANSWER There exist unlimited wants but limited resourc...
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