Wjec business studies Study guides, Revision notes & Summaries

WJEC GCSE Business Studies Questions with solutions 2023 Business Any organisation that uses resources to meet the needs of customers by providing a product or service they demand Good Tangible Service Intangible activities that businesses can carry out for customers Public Sector Organisations which are owned and run by the government Private Sector Organisations which are owned by private individuals Enterprise A willingness to take risks and show init...

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...

AS Business Studies: Comp 1 - Markets (WJEC) Questions with solutions 2023 Monopoly A situation in which a single company or group owns all or nearly all of the market for a given type of product or service. Oligopoly A market structure in which a number of firms has the large majority of market share. An oligopoly is similar to a monopoly, except that rather than one firm, two or more firms dominate the market. Monopolistic Competition Competition that is used among sellers wh...

Business Studies WJEC Component 2 Formulas Questions and Answers 2023 Price Elasticity of Demand % change in demand ------------------------ % change in price Income Elasticity of Demand % change in demand ------------------------ % change in income Time Series Analysis Add up three consecutive years ----------------------------------- 3 Gross Profit Margin Gross profit ------------- x 100 revenue Net Profit Margin Net profit ----------- x 100 revenue ...

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...