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Business Studies IGCSE/O Level - Full course summary R148,27   Add to cart

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Business Studies IGCSE/O Level - Full course summary

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A slides/ppt which summarizes all 6 sections of the official CIE book for Business studies (IGCSE and O Level). Each chapter of the book is summarized with what you can realistically memorize before your exams. Hope this helps someone taking the course as it is a very content heavy course!

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  • Yes
  • May 23, 2023
  • 96
  • 2022/2023
  • Summary
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1. Understanding
business activity
yay!

, KEY DEFINITIONS

A need : something that is necessary.

A want : something that is beneficial but not necessary.

The economic problem : wants do not have limits but factors of
production (land, labour, capital and enterprise) do.

Scarcity : occurs when there is a greater amount of wants and needs
than resources.

Opportunity cost : the next best alternative given up when choosing
another.

, DIVISION OF LABOUR
Specialisation : when someone focuses on doing what they are best at.



Advantages Disadvantages
● Practice makes perfect ;) ● If 1 worker is absent, whole
production is impacted


● No time lost switching
between different jobs ● Job may get boring which
would impact the quality of
the work

, CLASSIFICATION

Services
Tertiary
Production


Secondary


Resources

Primary

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