IGCSE Business Studies Revision Flashcard - 1.1-1.3

Front

Businesses including farming, fishing, forestry & the extraction of natural resources e.g. oil, minerals etc.

Back

Primary Sector

Front

Land, labour, capital and enterprise are collectively known as

Back

Factors of production

Front

Which of these is the best definition of the ‘economic problem’? Options: People do not have enough money. There are not enough resources to satisfy people’s wants. There are too many factors of production. The amount of something produced by a person, machine or industry.

Back

There are not enough resources to satisfy people’s wants.

Front

Examples of tertiary sector companies include Transport, banking, teaching, nursing, police.

Back

Transport, banking, teaching, nursing, police

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 the following is an example of PRIMARY business activity? Factories, Shops, Schools, Farmers

Back

Farmers

Front

Which of the following is an example of SECONDARY business activity? School, Factories, Shops, Farmers

Back

Factories

Front

Which of the following is an example of TERTIARY business activity? Options: Schools, Farmers, Fishermen, Factories

Back

Schools

Front

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

Back

Public sector

Front

Which of these methods are NOT used to compare the size of a business? Capital employed, Value of output, Workers employed, Added value

Back

Added value