Summary GCSE AQA Business Studies Topic 1 & Glossary Full Notes

SE
C
G
Business Studies
ns
GCSE - Topic 1 &
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Glossary
pt
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(Business in the
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real world)
as
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1

, SE
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Business Sectors: ● Primary = extracting raw material (e.g farming,
mining, fishing)




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● Secondary = manufacturing (e.g food production,
manufacturers)
● Tertiary = providing a service (e.g hairdressers,
doctors, teachers)



ns Functions of a business: ●
●
●
●
Marketing
Finance
Human Resources
Operations
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Factors of production ● Capital = the buildings and machinery needed by
the business
● Enterprise = the entrepreneurs who set up the
businesses, organise the factors of production and
pt

take the risks involved in running the business
● Land = the land where the business is based, but
also includes the natural resources, or or under
that land
● Labour = the people working the business (as well
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as in the business) including managers; staff


External factors affecting a business ● New government
● Environment (e.g pay 10p for a bag)
● Economics (e.g inflation, tax, council tax)
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● National minimum wage
● Legislation (new law)
● Technology (e.g self checkout, touchscreens)
● Pandemic
● Change of trends
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● Social / Public Image
● Bad weather (e.g heavy rain, snow, thunder)
● Bank Holidays
● New Competition (e.g affects sales, affects
revenue)
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Skills entrepreneurs need ● Communication
● Open minded
● Willing to take risks
● Deal with money
● Innovative
● Commitment
● Flexible
● Confident / Social
● Attentive in Social Worries (e.g environment)
● Leadership




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