iGCSE Business: Unit 1 to 3

MARKET SHARE =

• the amount of profit a business makes in a market.

• the amount of employees a business has.

• the percentage of businesses sales in a market.

• the amount of money invested into a business.

Capital employed = ?

• a newly formed business.

• the number of employees a business has.

• the total amount of money received from selling products.

• the amount of money invested into a business

Business start up = ???

• an individual who takes on a risk by setting up a business

• a newly formed business.

• a business with shareholders.

• a business that owned and controlled by the government

Scarcity = ???

• there are not enough resources to meet the wants of the population

• the benefit missed out on by choosing to do something else

• people and businesses concentrate on what they are best at.

• non tangible products

Specialisation = ??

• firms that supply a service to consumers

• people and businesses focus on doing what they are best at

• firms whose business activity extracts materials from the earth

• firms that manufacture goods from natural resources

The part of the economy that deals with providing services to consumers and businesses.

• Tertiary sector

• Primary sector

• Secondary sector

• Mixed economy

The economic activity concerned with extracting raw materials from nature.

• The public sector

• The tertiary sector

• The secondary sector

• The primary sector

The part of the economy focused on manufacturing and construction.

• Private sector

• Tertiary sector

• Secondary sector

• Public sector

The benefit you give up when you make a choice.

• Profit cost

• Opportunity cost

• Choice cost

• Benefit cost

Splitting a task into smaller tasks that employees can specialise in

• Division of authority

• Division of jobs

• Division of work

• Division of labour