Igcse business Study guides, Class notes & Summaries

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...

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 ...

Cambridge IGCSE Business Studies 5th edition Hodder Education

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...

QUESTIONS AND ANSWERS

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...

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...

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...

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...

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 ...