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Business Studies, Cambridge IGCSE O Level > Business studies > Flashcards

Business studies Flashcards

1
Q

A good or service which is essential for living

A

Need

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2
Q

Machinery is an example of this production

A

Capital

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3
Q

This is an example of a natural resource

A

Wood

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4
Q

Entrepreneurs have this

A

Ideas

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5
Q

This term is used to describe when there are not goods and services to meet consumers want

A

Scarcity

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6
Q

This term is used to describe when there are not goods and services to meet consumers want

A

Scarcity

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7
Q

This type of consumer good can be used over and over again

A

Durable

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8
Q

This type of consumer good can be used over and over again

A

Durable

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9
Q

Business activity in this sector takes natural resources and converts them into finished goods

A

Secondary

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10
Q

This describes economics which are both private and public sectors

A

Mixed

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11
Q

Characteristic of successful entrepreneurs

A

Innovative

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12
Q

Governments might provide these to support business startups

A

Grants

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13
Q

One method of measuring the size of a business

A

Economic of scale

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14
Q

A new business should have one of these

A

Plan

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15
Q

A business should have one of these

A

Plan

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16
Q

Poor cash flow management might be a reason why this happens to some business

A

Fail

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17
Q

Opportunity cost

A

A benefit lost while choosing a choice

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18
Q

Identify two advantages to a business of specialization

A

-It helps. Workers concentrate on one specific task.
-The business grows faster

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19
Q

Added value

A

Selling a product more than it costs

20
Q

Difference between private and public sector

A

-Public sector is an economy controlled by the government, whereas private sector is an economy controlled by an individual
Public sector provides service to the public
Private sector funded through private investments and sales

21
Q

Example of capital goods

A

Missionary,tools, buildings, vehicles

22
Q

The four factors of production

A

Land, labor, capital,enterprise

23
Q

Consumer goods

A

Products which are sold to customers(physical good, tangible goods)

24
Q

Difference between durable and non-durable

A

-Good that can be used over and over again
-Good that can only be used once

25
Q

Customer service

A

Product which are also sold to the public, but they cannot be seen or touched in tangible example order, assistant, returns and refunds(intangible)

26
Q

Capital goods

A

Products, which are sold to other businesses to help in their production process

27
Q

Branding

A

Is creating a unique idea of production

28
Q

Example of primary sector

A

Mining, farming, fishing

29
Q

example of Secondary sector(turning raw material into finished goods)

A

Manufacturing,construction

30
Q

Example of Territary sector(providing service to a final customer)

A

Shops, restaurants, banks

31
Q

Difference between primary sector, and secondary sector business activities

A

Primary sector: harvest, natural resources
Contributes to economies

Secondary sector : produces raw materials into finished goods.
Add more value to the ram materials

32
Q

Examples of measuring business size

A

Capital employed
Value Of output
Number of employees

33
Q

Why do owners want to expand their business?

A

Increase in profit
Increasing market share
Economic of scale
Greater power to control the market

34
Q

Different ways businesses can grow

A

Internal
External

35
Q

Internal growth

A

Buying more machines
Developing new product
Finding new markets for its products

36
Q

External growth(when a business merge with or takes over another business)

A

Horizontal integration
Forward Vertical integration
Backward vertical integration
Conglomerate integration

37
Q

Conglomerate

A

The bringing together of two businesses who in are completely different industries

38
Q

Horizontal integration

A

Brings together two businesses in the same industry

39
Q

Forward Vertical integration

A

Brings together two businesses in the same industry, but one is the customer of the other
Ex: shoe manufacturer, and shoe retailer

40
Q

Backward vertical integration

A

Brings together two businesses in the same industry, but one is supplier to the other
Example:Chocolate manufacture, and a cocoa producer

41
Q

Factors affecting business growth

A

Owners choice
Market size
Access and availability
Market domination

42
Q

Characteristics of a successful entrepreneur

A

Innovative
Self-motivated
Self confidence
Multi skilled
Strong leadership
Risk taker
Good at networking

43
Q

Cause of business failure and why new business fail

A

Poor planning
Poor management
Poor choice of location
Poor marketing
Competition

44
Q

Define entrepreneur

A

An individual who takes the financial risk of starting and managing a new business

45
Q

Industrialization

A

The growing importance of secondary sector business activity

Business Studies, Cambridge IGCSE O Level (1 decks)

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