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IGCSE Business Terms revision chapter 1 & 2 Flashcards | StudBud
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IGCSE Business Terms revision chapter 1 & 2
Which of these is a need?
What is meant by specialisation?
IGCSE Business Terms revision chapter 1 & 2
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IGCSE Business CIE
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1
What is meant by specialisation?
Businesses concentrating on what they are best at.
Being good at one thing
People and businesses concentrating on what they are best at
Making all operations of a business equally good
2
Which of these is a need?
Water
An iPhone X
Car
Education
3
Factors of production (CELL)
Land, Labour, Cows, Elephants
Land, Labour, Credit, Elasticity
Land, Labour, Capital, Enterprise
Land, Labour, Cash, Exchange rate
4
Peoples wants are...
necessary for living
things they don't want
limited
unlimited
5
What is meant by added value?
The diff. between total revenue and total costs
The diff. between selling price and cost of raw materials
The diff. between revenue and cost of sales
The diff. between selling price and cost of sales
6
Define "Goods"
Intangible things that you can buy and not touch
Tangible things that you can buy and touch
7
Which of these are goods?
A car
Spa bath
A water bottle
Insurance
8
True or false? A mixed economy has both a private sector and a public sector.
False
True
9
Define Deindustrialisation
Decline in primary and secondary sectors while tertiary rise
Decline of all industries in a country
When a country's natural resources become depleted
10
Private sector vs Public sector. Which is true?
Public sector motive is not profit, serving the community is
Public sector business are owned by the govt.
Private sector businesses are owned by the govt.
Profit is usually the motive of private sector businesses.
11
What are the three stages of production?
A, B, C
Primary, Secondary, Tertiary
First, Second, Third
Primary, Secondary, Tertiary, Quaternary
12
Formula for added value
Added value = revenue - cost of sales
Added value = profit + cost of sales
Added value = selling price - cost of sales
Added value = selling price - cost of materials
13
Define "opportunity cost"
Not doing something
Missing your chance
The next best alternative forgone when making a choice.
The money lost as a result of making a business decision
14
What is meant by the term "primary sector"?
Sector of production involving manufacture of goods
Sector of production involving extraction of raw materials
Providing service to consumers and other sectors of industry
15
What is the Basic Economic Problem?
Inflation
People's unlimited wants meet limited resources to satisfy.
There isn't enough money in the world
Relying one one sector of production too much
16
Define "needs"
A good or service
A good or service that is wanted
A good or service that is necessary for living
Good/service that isn't necessary for living but would like
17
Which are typically examples of public sector businesses?
Public transport
Defence, e.g police, military
Education
Electricity supply
18
How is the relative importance of economic sectors compared?
Average size of businesses in the sector
%of workers employed in proportion to total number of worker
Value of output of goods&service in prop. of national output
