Business specialisation - Study guides, Class notes & Summaries

Cambridge IGCSE Business Studies Exam Questions with 100% Correct Answers A Need - A good or service essential for living. A want - A good or service that people would like to have, but which is not essential for living. Economic problem - Unlimited wants but limited resources - this creates scarcity. Scarcity - Lack of sufficient products to satisfy total wants of population. Opportunity Costs - The next best item given up by choosing another. Factors of production - Resources needed ...

GCSE ECONOMICS 8136/1 Paper 1 How Markets Work Version: 1.0 Final *JUN* IB/H/Jun23/E7 8136/1 For Examiner’s Use Section Mark A B TOTAL Wednesday 17 May 2023 Afternoon Time allowed: 1 hour 45 minutes Materials You will need no other materials. You may use a calculator. Instructions • Use black ink or black ball-point pen. • Fill in the boxes at the top of this page. • Answer all questions. • You must answer the questions in the spaces provided. Do not write on blank...

Edexcel A-level Economics Paper 1 2024/2025 questions and correct answers Economics - answer The study of the allocation of scarce resources. Economic Goods - answer Resources that are scarce. Short Run - answer A time period where at least one factor of production is fixed. Long Run - answer A time period where all factors of production are variable. Productivity - answer The output per unit of input. The Economic Problem - answer Resources are scarce but wants are infinite. Sca...

EDEXCEL A LEVEL BUSINESS EXAM LATEST UPDATE -THEME 4 Economic growth - CORRECT ANSWER- An increase in a country's productive capacity Emerging economies - CORRECT ANSWER- The economies of developing countries where there is rapid growth, but also significant risk Human Development Index (HDI) - CORRECT ANSWER- A collection of statistics that are combined into an index, ranking countries according to their human development Literacy rate - CORRECT ANSWER- The percentage of adults (over 15) ...

Economics - answer The study of the allocation of scarce resources. Economic Goods - answer Resources that are scarce. Short Run - answer A time period where at least one factor of production is fixed. Long Run - answer A time period where all factors of production are variable. Productivity - answer The output per unit of input. The Economic Problem - answer Resources are scarce but wants are infinite. Scarcity - answer The world's resources are limited, there are only limited amounts of...

Economics - ANSWERSThe study of the allocation of scarce resources. Economic Goods - ANSWERSResources that are scarce. Short Run - ANSWERSA time period where at least one factor of production is fixed. Long Run - ANSWERSA time period where all factors of production are variable. Productivity - ANSWERSThe output per unit of input. The Economic Problem - ANSWERSResources are scarce but wants are infinite. Scarcity - ANSWERSThe world's resources are limited, there are only limite...

Economics - correct answer The study of the allocation of scarce resources. Economic Goods - correct answer Resources that are scarce. Short Run - correct answer A time period where at least one factor of production is fixed. Long Run - correct answer A time period where all factors of production are variable. Productivity - correct answer The output per unit of input. The Economic Problem - correct answer Resources are scarce but wants are infinite. Scarcity - correct a...

BRICS - Answer Brazil, Russia, India, China & South Africa Indicators of growth - Answer Statistics that show the extent to which a country is increasing in size Equation of GDP - Answer National income/population Business specialisation - Answer When businesses concentrate on producing specific goods Foreign direct investment - Answer Investment made by a business from one country into the production of a business from another country Globalisation - Answer The increa...

Capital The money provided by the owners in a business Capital expenditure Spending on business resources that can be used repeatedly over a period of time Internal finance Money generated by the business or its current owners Retained profit Profit after tax that is 'ploughed back' into the business Revenue expenditure Spending on business resources that have already been consumed or will be very shortly Sale and leaseback The practice of selling assets, such as property or machine...

A Need Correct Answer A good or service essential for living. A want Correct Answer A good or service that people would like to have, but which is not essential for living. Economic problem Correct Answer Unlimited wants but limited resources - this creates scarcity. Scarcity Correct Answer Lack of sufficient products to satisfy total wants of population. Opportunity Costs Correct Answer The next best item given up by choosing another. Factors of production Correct Answer Resource...