Edexcel GCSE Business Theme 1 Section 1

What is demand?

• the number of units that customers want and can afford to buy

• customers who want to buy

• the number of units the company supplies

• customers who desire the product

a product or service with sales that have declined or come to an end as customers find something new

Which of these is adapting existing products?

• Charging a different price

• Faster ways to provide a service

• Different pack size

• New flavour

A feature of a business that helps it to succeed against rivals

Which of the following is not a risk associated with starting a new business?

• Business Failure

• Financial Loss

• Lack of security

• Loss of Friends

Which of the following is not a reward for starting a business?

• Business success

• Paying tax

• Independence & being own boss

• Profit and wealth

Good business people do not try to weigh up?

• the chances success or failure

• the costs or benefits of success or failure

• the implications for the business as a whole

• the business opening hours

What is the difference between goods and services?

• Services cost more

• Goods are purchased in a shop

• Goods are tangible, Services intangible

• They are the same

Which of these is not a Service?

• Hair cut

• Dental check-up

• Travelling on train

• Train

Which of these is not a Good

• Scissors

• Train

• GP appointment

• Orange