Business Studies IGCSE/O Level - Full course summary
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Course
IGCSE Business studies 0450 CIE
Institution
IGCSE Business Studies 0450 CIE
Book
Cambridge IGCSE and O Level Business Studies 5th edition
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!
all answers to exam style questions of business book igcse
ENTREPRENEURSHIP & BUSINESSMAN
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IGCSE Business studies 0450 CIE
IGCSE Business studies 0450 CIE
IGCSE Business studies 0450 CIE
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Content preview
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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