Igcse business studies - Study guides, Class notes & Summaries

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...

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...

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...

Cambridge IGCSE Business Studies 5th edition Hodder Education

Cambridge IGCSE Business Studies Key Terms Cambridge IGCSE Business Studies Key Terms Cambridge IGCSE Business Studies Key Terms

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...

QUESTIONS AND ANSWERS

EDEXCEL IGCSE BUSINESS STUDIES EXAM LATEST UPDATE 2024/2025 QUESTIONS AND ANSWERS GRADED A+

Above-the-line promotion - correct answer Placing adverts using the media. Acid test ratio - correct answer Similar to the current ratio but excludes stocks from current assets. Sometimes called the quick ratio. Advertising - correct answer Communication between a business and its customers whereby messages are placed in the media to encourage the purchase of products. Agent or broker - correct ...

Chapter 8 | IGCSE Business Studies Internal Recruitment Filling a vacant position with someone already employed in the business 4 advantages of Internal Recruitment 1. Vacancy can be filled quickly 2. Applicants already know how the business works 3. The business already knows the strengths and weaknesses of applicants 4. Employees are motivated by the chance for promotion 4 limitations of internal recruitment 1. Better candidate may be outside the business, 2. Conflict can occur betwe...