Business unit 4 wjec Study guides, Class notes & Summaries

Business Unit 1 WJEC AS level Questions with Accurate Answers 2023 fixed costs Costs that do not vary with the quantity of output produced Semi-variable costs Costs that vary somewhat based on the number of units you sell. Qualities of an entrepreneur -Hard working- Have to work long hours and have few vacation days -Risk taker- Making decisions to produce goods or services that people might buy is potentially risky -Creative- A new business needs new ideas about products , s...

Internal causes of change - correct answer Changes in management style, changes In business size, new technology External causes of change - correct answer New technology, labour market e.g. minimum wage, competition consumer taste, new legislation Effects of unplanned change - correct answer Shorter product life-cycle, dismissed brand loyalty, retrainin...

WJEC AS Business Studies Unit 1 Questions and Answers Rated A+ 2023 Why do people start their own businesses? - To make a profit - To provide a good or service - To fill gap in the market - To turn a hobby into a career or business - To be independent/their own boss What is an entrepreneur? An entrepreneur is somebody who starts and runs a business. Perhaps they make a product or provide a service, the quite possibly may employ somebody to make a profit. Many Entrepreneurs are inno...

Business WJEC Unit 3 A2 level questions and answers index numbers Indicator if changes in prices and quantities. Its a speiclaised avg designed to measure a group of related variable overs X amount of time. Features of index numbers Measures relative change over time Quantitative expression- Offer a precise measurement of the quantitative change in the concerned variable. Average- show changes in terms of average Advantages of Index numbers 1.Measurement of change in the ...

Business WJEC Unit 3 A2 level 100% accurate answers index numbers Indicator if changes in prices and quantities. Its a speiclaised avg designed to measure a group of related variable overs X amount of time. Features of index numbers Measures relative change over time Quantitative expression- Offer a precise measurement of the quantitative change in the concerned variable. Average- show changes in terms of average Advantages of Index numbers 1.Measurement of change in the ...

WJEC AS Business Studies Unit 1 questions and answers Why do people start their own businesses? - To make a profit - To provide a good or service - To fill gap in the market - To turn a hobby into a career or business - To be independent/their own boss What is an entrepreneur? An entrepreneur is somebody who starts and runs a business. Perhaps they make a product or provide a service, the quite possibly may employ somebody to make a profit. Many Entrepreneurs are innovators, they b...

WJEC AS Business Studies Unit 1 questions and answers, A+ content Why do people start their own businesses? - To make a profit - To provide a good or service - To fill gap in the market - To turn a hobby into a career or business - To be independent/their own boss What is an entrepreneur? An entrepreneur is somebody who starts and runs a business. Perhaps they make a product or provide a service, the quite possibly may employ somebody to make a profit. Many Entrepreneurs are innova...