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WorksheetsYear 10 Tream 1 Business IGCSE (knowlage point)
Total questions: 24
Worksheet time: 6hrs 0mins
Busniess activity:
The process of producing goods and services to satisfy consumer demand.
Only to provided goods and services
Need:
A good or service which is essential to living.
A good or service which people would like, but is NOT essential for living.
Want:
A good or service which people would like, but is NOT essential for living.
A good or service which is essential to living.
Why do we alway want something?
Beacuse our want is unlimeted.
Beause our brain told us so.
Scarcity:
There are not enough goods and services to meet the wants of the population.
there are way to much to meet the population
What is an oppertunity cost?
The benefit that will be gained from an alternative use of the same resource.
The benefit that could have been gained from an alternative use of the same resource.
Land:
All natural resources provided by nature such as fields, forests, oil, gas, metals etc.
All man made recources provied by human such as toys, book, computer, headphones, pencil ect.
Labour:
The number of people available to work who are used to produce goods and services.
The number of space available to work to produce good and services.
Capital:
The machinery and equipment needed to produce goods and services.
The number of people available to work who are used to produce goods and services.
Speacilist:
People jobs
People and businesses concentrate on
what they are best at.
Division of labour
where alot people do the same jobs
The production process is divided into separate tasks and each worker does just one of those tasks.
Consumers goods:
Product that is sold to the public
Products which are sold to the public (final consumer) that can be seen (physical goods) and touched (tangible goods).
THings that can be seen and touched
Things that can be seen
Durable consumer goods:
These are goods that can be used once
These are goods that can be used over and over.
Non-Durable consumer goods:
These are goods that can be used once
These are goods that can be used over and over.
Consumer services:
These are products which are also sold to the public, but they CANNOT be seen or touched (intangible).
These are products which are also sold to the privately, but they CANNOT be seen or touched (intangible).
Capital goods:
Capital goods are physical goods which are sold to and used by the same businesses to help them in their production process.
Capital goods are physical goods which are sold to and used by other businesses to help them in their production process.
Gap in the market:
An unmet consumer wants or a group of potential customers who are not yet purchasing a good or service.
An unmet consumer need or a group of potential customers who are not yet purchasing a good or service.
Adding value:
Selling a product for less than it
cost to make it.
Selling a product for more than it
cost to make it.
Added value:
The difference between the selling price of a product and the cost of bought in
materials/components.
The difference between the cost of a product and the selling pricesof bought in
materials/components.
Business Clasification:
A classification is a way of grouping together firms that are similar in some way.
A classification is a way of organising together firms that are similar in some way.
Primary Sector:
Firms whose business activity involves the extraction of natural resources.
Firms whose business activity that doesnt involves the extraction of natural resources.
Secondary Sector:
Firms that process and manufacture goods from natural resources.
Firms that process goods from natural resources.
TertiarySector:
Firms that supply a service to consumers and other businesses.
Firms that doesnt supply a service to consumers and other businesses.
CHain of production:
It doesnt invole primary, secondary and tertiary sector
The production and supply of goods to the final consumer involves activities from primary, secondary and tertiary sector businesses.
