GCSE Business Studies Paper 1 Revision Questions with Complete Solutions

1. What is meant by market share? - Ansthe percentage of all the sales within a market that are held by one brand or company 2. What is meant by quality control? - Ansthe process of inspecting products to ensure that they meet the required quality standards 3. Advantage 1 of using flow production - Ansthe business benefits from economies of scale which leads to the reduction in average cost of making each component 4. Advantage 2 of using flow production (is similar to 1 so use 1 or 2) - Ansthe computers are being produced in large volumes so each computer becomes cheaper to produce 5. Advantage 3 of using flow production - Ansit reduces training costs for workers which in turn might let the business be able to afford to spend more money on quality of products 6. Advantage 4 of flow production - Ansmachines do not need a break unlike people so the factory is always producing things 7. A way a company can improve efficiency (introduction of new machinery) - Ansby introducing new machinery or technology as current machines are old so that the machines will be less likely to break down 8. A way a company can improve efficiency (employees aspect) - Ans by training the employees so employees have better skills so resulting in them being less likely to make mistakes and create waste which results in increased costs when building the computers 9. A way a company can improve efficiency (motivation factors relating to money) - Ansby having payment by performance, options of bonuses or by introducing the piece-rate system which will encourage workers to produce more in less time to gain the extra payments 10. Do you think that this business would benefits from spending money on market research? Justify your answer. - AnsYes. • The business would be more aware of the needs and requirements of its customers so it would be able to produce products wanted and which would sell well. • The business would be better informed in