Cambridge IGCSE Business Studies Exam fully
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Terms in this set (238)
A Need A good or service essential for living.
A want A good or service that people would like to have,
but which is not essential for living.
Economic problem Unlimited wants but limited resources - this
creates scarcity.
Scarcity Lack of sufficient products to satisfy total wants
of population.
Opportunity Costs The next best item given up by choosing another.
Factors of production Resources needed to produce goods and
services - land, labour, capital and enterprise
Business An organisation that combines factors of
production to make goods and services to satisfy
people's wants and needs.
, Specialisation People and business concentrate on what they
are best at.
Division of labour Production is split into seperate tasks each
worker specialises in one task
Added Value The difference between a product's selling price
and the cost of bought in materials.
Primary sector Businesses that extract and use natural resources
to produce raw materials.
Secondary sector Businesses that manufactures goods using raw
materials provided by primary sector.
Tertiary sector Businesses that provide services to consumers
and other firms.
Deindustrialisation Decline in the importance of secondary,
manufacturing industry.
Mixed economy This has both private sector businesses and
public sector businesses.
Private sector Businesses owned by people, not the
goverment/state.
Public sector Businesses owned by goverment/state.
Privatisation The sale of public sector business to private
sector.
Entrepreneur Someone who organises, operates and takes the
risk for a new business venture.
solved & updated (latest version verified for
accuracy) (Questions + Answers) Solved 100%
Correct!!
Save
Terms in this set (238)
A Need A good or service essential for living.
A want A good or service that people would like to have,
but which is not essential for living.
Economic problem Unlimited wants but limited resources - this
creates scarcity.
Scarcity Lack of sufficient products to satisfy total wants
of population.
Opportunity Costs The next best item given up by choosing another.
Factors of production Resources needed to produce goods and
services - land, labour, capital and enterprise
Business An organisation that combines factors of
production to make goods and services to satisfy
people's wants and needs.
, Specialisation People and business concentrate on what they
are best at.
Division of labour Production is split into seperate tasks each
worker specialises in one task
Added Value The difference between a product's selling price
and the cost of bought in materials.
Primary sector Businesses that extract and use natural resources
to produce raw materials.
Secondary sector Businesses that manufactures goods using raw
materials provided by primary sector.
Tertiary sector Businesses that provide services to consumers
and other firms.
Deindustrialisation Decline in the importance of secondary,
manufacturing industry.
Mixed economy This has both private sector businesses and
public sector businesses.
Private sector Businesses owned by people, not the
goverment/state.
Public sector Businesses owned by goverment/state.
Privatisation The sale of public sector business to private
sector.
Entrepreneur Someone who organises, operates and takes the
risk for a new business venture.
