©EVERLY 2025 ALL RIGHTS RESERVED
IGCSE Business Studies - Business Activity
Business - ANS An organisation which produces goods and services
Consumer goods - ANS Goods and services sold to ordinary people rather than businesses
Entrepreneurs - ANS People who take risk and set up businesses
Goods - ANS Physical products like a mobile phone, packet of crisps or a pair of shoes
Services - ANS Non-physical products like banking, car washing and waste disposal
Needs - ANS Basic requirements for human survival
Private sector - ANS Business organisations owned by individuals or groups of individuals
Producer goods - ANS Goods and services produced by one business for another
Public sector - ANS Business organisations owned by central or local government
Scarce resources - ANS The amount of resources available is limited
, ©EVERLY 2025 ALL RIGHTS RESERVED
Stakeholders - ANS An individual or group with an interest in the operation of a business
Wants - ANS People's desire for goods and services
Mission statement - ANS A brief summary of the firms' aims and objectives
Objectives - ANS The goals or targets set by a business
Profit maximisation - ANS Making as much profit as possible in a given time period
Deed of partnership - ANS A binding legal document which states the formal rights of
partners
Franchise - ANS Where a business (the franchisor) allows another operator (the franchisee)
to trade under their name
Incorporated business - ANS Where the business has a separate legal identity from that of its
owners
Limited liability - ANS Where a business owner is only liable for the amount of money
invested in the business
Limited liability partnership - ANS A partnership where all partners have limited liability
Limited partnership - ANS A partnership where some partners (sleeping partners) contribute
capital and enjoy a share of the profit but do not take part in the running of the business
Partnership - ANS Where between two and twenty people own the business
IGCSE Business Studies - Business Activity
Business - ANS An organisation which produces goods and services
Consumer goods - ANS Goods and services sold to ordinary people rather than businesses
Entrepreneurs - ANS People who take risk and set up businesses
Goods - ANS Physical products like a mobile phone, packet of crisps or a pair of shoes
Services - ANS Non-physical products like banking, car washing and waste disposal
Needs - ANS Basic requirements for human survival
Private sector - ANS Business organisations owned by individuals or groups of individuals
Producer goods - ANS Goods and services produced by one business for another
Public sector - ANS Business organisations owned by central or local government
Scarce resources - ANS The amount of resources available is limited
, ©EVERLY 2025 ALL RIGHTS RESERVED
Stakeholders - ANS An individual or group with an interest in the operation of a business
Wants - ANS People's desire for goods and services
Mission statement - ANS A brief summary of the firms' aims and objectives
Objectives - ANS The goals or targets set by a business
Profit maximisation - ANS Making as much profit as possible in a given time period
Deed of partnership - ANS A binding legal document which states the formal rights of
partners
Franchise - ANS Where a business (the franchisor) allows another operator (the franchisee)
to trade under their name
Incorporated business - ANS Where the business has a separate legal identity from that of its
owners
Limited liability - ANS Where a business owner is only liable for the amount of money
invested in the business
Limited liability partnership - ANS A partnership where all partners have limited liability
Limited partnership - ANS A partnership where some partners (sleeping partners) contribute
capital and enjoy a share of the profit but do not take part in the running of the business
Partnership - ANS Where between two and twenty people own the business
