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Business Study IGCSE Revision notes

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Business Study IGCSE Revision 1.1Business Activity 1.1.1 Demonstrate understanding of business activity in adding value and helping to satisfy the needs of costumers in a changing competitive environment * Understand the purpose of business activity * Understand the concept of adding value * Understand the concepts of needs ,wants and scarcity Need : A good or service that is essential for living. Want : A good or service which people would like to have, but is not essential for living. : People's wants are unlimited. 4 Factors of production (resources that are available for firms) * Land : They are natural resources; building areas to make goods and raw materials. : E.g. Fields, forest, oil, gas, metal, etc * Labour : The efforts of people needed to make products. * Capital : This is the finance, machinery and equipment needed to make goods. * Enterprise : The skill, the ability to run something. : The ability to bring together factors of production to produce a good. ...read more.


* To prioritize effort, to know what is the most important thing to work towards. Example of Private Sector Objectives * Profit maximisation - When a business is owned by private individuals, rather than gov. , it's usually the case that the bus is run to make profits. The bus will try to make as much profit as possible, profit is the heart for many business, it covers the cost and use to pay dividend to the owners, without profits, owners are likely to close their business. However satisfactory profit is best because if the owners try to increase more profit by putting up the prices too high, they may find that consumers stop buying their goods. Satisfactory profit also can save long hours of work and too much tax to the gov. * Growth : Reasons for growth: -More profit in the future - Survival, Beat competitors * More market share (ur sales/market sales X 100) ...read more.


Yacht * Some products require little capital, e.g. Window cleaning (big firms don't want to waste time to deal with these small work) * Small firms receive grants and subsidies from the government, the gov do this because they want them to get bigger and employ more people: to help the economy. 2) Public Sector Objectives A business is in the public sector if it's owned by the government. Government business will attempt to - Provide service to the public - Reduce unemployment levels -- Keep prices low so people can afford it. - support small bus. *Profit is not an important objective in the public sector. E.g. Water, bus company, gives low prices that people can afford. (3) Factors that affect Objectives 1. Private or public sector 2. Ownership type 3. Company size 4. Market 5. Personality of key decision makers 6. Culture (4) Privatisation: "The transfer of public resources to the private sector" Disadv, may not care about providing services, just wan to make as much profit as possible so raise prices too high that people can't afford. Adv. More capital invested to improve the technology, could make it more modern. ________________________ ...read more.

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