IGCSE BUSINESS STUDIES EXAM
IGCSE BUSINESS STUDIES EXAM GRADED A+
Need - correct answer A good or service that is essential for
people's living
Want - correct answer A good or service which people want to
have, not essential
Economic problem - correct answer When wants exceed the
resource available to make scarcity
Scarcity - correct answer when there are unlimited wants but
limited resources
Factors of Production (4) - correct answer Land, labor, capital,
enterprise
,IGCSE BUSINESS STUDIES EXAM
Opportunity cost - correct answer The next best alternative choice
given up as another was chosen
Specialization - correct answer When workers specialize in one task
which they do, best at
Division of labor - correct answer When labor force is divided into
sections in which people at those sections are specialized in one
particular job
Purpose of business activity - correct answer Combine 4 factors of
production and make products/services
Added value - correct answer Selling price - cost of making products
Primary sector - correct answer Where people extract natural
resources from earth and turn them into raw materials
Secondary sector - correct answer Turn raw materials into products
Tertiary sector - correct answer Provide services to customers and
sell products
, IGCSE BUSINESS STUDIES EXAM
De-industrialization - correct answer Decline of importance for
secondary sector
Mixed economy - correct answer Has private and public sector
businesses
Private sector - correct answer Businesses own by individuals
Public sector - correct answer Businesses own by the government
Capital - correct answer Money (invested into a business)
Entrepreneur - correct answer A person who combines all 4 factors
of production together
Qualities of an entrepreneur - correct answer Risk-taking, confident,
patient, optimistic, creative, hard-working
Business plan - correct answer A plan which outlines a business'
objectives, name of organization, finance and owners of
business
IGCSE BUSINESS STUDIES EXAM GRADED A+
Need - correct answer A good or service that is essential for
people's living
Want - correct answer A good or service which people want to
have, not essential
Economic problem - correct answer When wants exceed the
resource available to make scarcity
Scarcity - correct answer when there are unlimited wants but
limited resources
Factors of Production (4) - correct answer Land, labor, capital,
enterprise
,IGCSE BUSINESS STUDIES EXAM
Opportunity cost - correct answer The next best alternative choice
given up as another was chosen
Specialization - correct answer When workers specialize in one task
which they do, best at
Division of labor - correct answer When labor force is divided into
sections in which people at those sections are specialized in one
particular job
Purpose of business activity - correct answer Combine 4 factors of
production and make products/services
Added value - correct answer Selling price - cost of making products
Primary sector - correct answer Where people extract natural
resources from earth and turn them into raw materials
Secondary sector - correct answer Turn raw materials into products
Tertiary sector - correct answer Provide services to customers and
sell products
, IGCSE BUSINESS STUDIES EXAM
De-industrialization - correct answer Decline of importance for
secondary sector
Mixed economy - correct answer Has private and public sector
businesses
Private sector - correct answer Businesses own by individuals
Public sector - correct answer Businesses own by the government
Capital - correct answer Money (invested into a business)
Entrepreneur - correct answer A person who combines all 4 factors
of production together
Qualities of an entrepreneur - correct answer Risk-taking, confident,
patient, optimistic, creative, hard-working
Business plan - correct answer A plan which outlines a business'
objectives, name of organization, finance and owners of
business
