iGCSE Business Study guide questions with correct answers Qs Needs - n Ans We cannot live without these. Qs Wants - n Ans They benefit us but are not necessary to live. Qs Scarcity - n Ans Lack of sufficient resources.

iGCSE Business Study guide
questions with correct answers
Qs
Needs - n
Ans✔
We cannot live without these.


Qs
Wants - n
Ans✔
They benefit us but are not necessary to live.


Qs
Scarcity - n
Ans✔
Lack of sufficient resources.


Qs
Needs (example) - n
Ans✔
Water, food, housing.


Qs
Wants (example) - n
Ans✔
Soft drinks, chocolate, furniture.


Qs
Opportunity Cost - n

,Ans✔
The next best alternative.


Qs
Factors of Production - n
Ans✔
Resources needed to produce goods and services.


Qs
Factors of Production (List) - n
Ans✔
Land.
Labour.
Capital.
Enterprise.


Qs
Land - n
Ans✔
All natural resources.


Qs
Land Resources (examples) - n
Ans✔
Coal, oil, gas.


Qs
Labour - n
Ans✔
Man-power used in a copmany

, Qs
Capital - n
Ans✔
Finance and machinery


Qs
Entrepreneur - n
Ans✔
Someone who organises, operates and takes risks in a new business venture.


Qs
Enterprise - n
Ans✔
Skill/risk-taking ability of entrepreneurs.


Qs
Added Value
+How to add value
+Justify adding value - n
Ans✔
The difference between selling price and cost of materials.
Increase selling price, decrease cost of materials
The product must be desirable and important to customers


Qs
Sectors of Production
+What are the sectors (definitions and examples) - n
Ans✔
The three stages a product passes through before reaching the consumer.