Business BTEC Unit 5 Latest 2025 Questions Fully Solved Already Passed
European Union (EU) - Answers A customs union, a single market and now with a single currency.
Developed Economy - Answers Refers to a country with a relatively high level of economic growth and
security.
Less Developed Economy - Answers Refers to a country with relatively low levels of economic growth
and security.
Emerging Markets - Answers A developing economy experiencing faster economic growth than
developed economies but with less-developed infrastructure.
Culture - Answers The ideas, customs, and social behaviour of a particular people or society.
Prepayment by the importer - Answers Total or part-payment for importing goods into the UK to sell or
if an overseas company wants to import British goods.
Letters of credit - Answers Bank of the importer agrees that they will pay the supplier as soon as he
order has been completed. Bank won't check the goods have been received but will check the importer
has been paid. Bank monitors the agreement.
Export Credits - Answers UK company allowing overseas company to have goods and pay at a later
agreed time. Can be used if the businesses supply to each other.
Bank Loans - Answers Source of finance either through existing banking agreements or specialist loans.
Economy - Answers The state of a country or region in terms of the production and consumption of
goods and services and the supply of money.
Economic Growth - Answers An increase in the amount of goods and services produced per head of the
population over a period of time. Economic growth is a long-term expansion of the productive potential
of the economy.
Economic Security - Answers Economic security or financial security is the condition of having stable
income or other resources to support a standard of living now and in the foreseeable future.
Factors Influencing Choice of Market - Answers Size of Market, Type of product/service, Cost of
exporting
comparative advantage - Answers The ability of a country to produce a good at a lower cost than
another country can.
Access to new markets - Answers reach and do business with new groups of customers or parts of the
world where something might not already be sold
European Union (EU) - Answers A customs union, a single market and now with a single currency.
Developed Economy - Answers Refers to a country with a relatively high level of economic growth and
security.
Less Developed Economy - Answers Refers to a country with relatively low levels of economic growth
and security.
Emerging Markets - Answers A developing economy experiencing faster economic growth than
developed economies but with less-developed infrastructure.
Culture - Answers The ideas, customs, and social behaviour of a particular people or society.
Prepayment by the importer - Answers Total or part-payment for importing goods into the UK to sell or
if an overseas company wants to import British goods.
Letters of credit - Answers Bank of the importer agrees that they will pay the supplier as soon as he
order has been completed. Bank won't check the goods have been received but will check the importer
has been paid. Bank monitors the agreement.
Export Credits - Answers UK company allowing overseas company to have goods and pay at a later
agreed time. Can be used if the businesses supply to each other.
Bank Loans - Answers Source of finance either through existing banking agreements or specialist loans.
Economy - Answers The state of a country or region in terms of the production and consumption of
goods and services and the supply of money.
Economic Growth - Answers An increase in the amount of goods and services produced per head of the
population over a period of time. Economic growth is a long-term expansion of the productive potential
of the economy.
Economic Security - Answers Economic security or financial security is the condition of having stable
income or other resources to support a standard of living now and in the foreseeable future.
Factors Influencing Choice of Market - Answers Size of Market, Type of product/service, Cost of
exporting
comparative advantage - Answers The ability of a country to produce a good at a lower cost than
another country can.
Access to new markets - Answers reach and do business with new groups of customers or parts of the
world where something might not already be sold
