IGCSE Business Chapter 1 - 4 Review

Front

Why does scarcity exist?

Back

There are not sufficient resources to meet everyone's wants.

Front

What is meant by opportunity cost?

Back

The next best alternative foregone.

Front

At which stage of business activity are trees chopped down? Options: Primary, Secondary, Tertiary

Back

Primary

Front

Land, labour, capital and enterprise are collectively known as

Back

Factors of production

Front

Organisations run by central or local government are often referred to as

Back

Public sector

Front

Which is a disadvantage of 'division of labour'?

Back

Workers can become bored from doing just one job - efficiency might fall.

Front

What is 'added value'?

Back

is the difference between the selling price of a product and the cost of bought-in materials and components.

Front

Which of these business activities are usually NOT in the public (government) sector? grocery stores, health, defence, public transport

Back

grocery stores

Front

What is an 'entrepreneur'?

Back

A person who organises, operates and takes the risk of a new business venture.

Front

"Not afraid to do new things" is what characteristic?

Back

Risk Taker