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CCEA GCSE Business Studies > What is a Business? > Flashcards

What is a Business? Flashcards

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1
Q

Economy is divided into

2 marks

A

Different business sectors and the businesses within them exist to provide goods or services.

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2
Q

All businesses have

2 marks

A

Inputs and outputs

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3
Q

Businesses must add

1 mark

A

value during production.

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4
Q

Types of business

4 marks

A
  • Small firms; owned/run by 1 self- employed individual.

- Large companies; employ thousands of staff all over the world.

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5
Q

Businesses exist to

1 mark

A

Provide goods or services

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6
Q

Amount of businesses that start up each year

1 mark

A

Nearly half a million.

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7
Q

Majority of businesses are

2 marks

A

Small and operate in the service sector.

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8
Q

Business production and distribution (in order).

5 marks

A

Inputs, Production, Outputs, Customer, Consumer

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9
Q

Added value increases during

4 marks

A

Inputs, production, outputs and distribution in a grocery store.

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10
Q

Sell businesses the products they need

1 mark

A

Suppliers

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11
Q

Buy products

1 mark

A

Customers

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12
Q

Individual who uses a product

1 mark

A

Consumer

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13
Q

Example of when a customer and consumer are different people

(3 marks)

A

Parent (customer) buys a pen for their child (consumer) to use at school.

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14
Q

Sell to their customers in markets

1 mark

A

Businesses

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15
Q

Examples of Markets

2 marks

A
  • High street shop

- Website

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16
Q

Businesses are likely to be in competition with

1 mark

A

Other firms offering similar products

17
Q

Businesses buy the products they need from

2 marks

A

Suppliers (and then sell to customers)

18
Q

Suppliers

1 mark

A

Firms selling products to other businesses.

19
Q

Consumer

2 marks

A

The individual who uses the product sold by a business.

20
Q

Businesses sell to customers in

1 mark

A

Markets

21
Q

In order to create goods and services

3 marks

A

a business buys or hires inputs which are transformed into outputs called products.

These are the goods and services used by consumers.

22
Q

Examples of Inputs such as

4 marks

A

Raw materials, equipment, buildings and staff.

23
Q

These inputs are transformed into

1 mark

A

Outputs called products.

24
Q

A business adds value when

2 marks

A

The selling price of an item produced is higher than the cost of all the resources used to make it.

25
Q

Example of Adding Value

4 marks

A

Pair of designer sunglasses sell for £100.

If the cost of the materials, employees, marketing and all other inputs used in making one set of sunglasses is just £20 - £80 worth of value has been added by the firm during production.

26
Q

3 main types of industry in which firms operate

3 marks

A

Primary production, secondary production and tertiary production

27
Q

These sectors (the types of industry in the firm) form

2 marks

A

A chain of production which provides customers with finished goods or services.

28
Q

Primary production

2 marks

A

Involves acquiring raw materials.

Eg - metals and coal have to be mined

29
Q

Examples of Primary Production

6 marks

A

Metals and coal are mined, oil drilled from the ground, rubber tapped from trees, foodstuffs farmed and fish trawled (Extractive Production)

30
Q

Secondary Production

2 marks

A

The manufacturing and assembly process.

Involves converting raw materials into components and assembling the product.

31
Q

Example of Secondary Production: Converting raw materials into components

(1 mark)

A

Making plastics from oil.

32
Q

Example of Secondary Production: Assembling the product

1 mark

A

Building houses, bridges and roads.

33
Q

Tertiary production

2 marks

A

Refers to the commercial services that support the production and distribution process.

34
Q

Example of Tertiary Production

3 marks

A

Insurance, transport, advertising, warehousing and other services such as teaching and health care.

35
Q

Chain of production shows

1 mark

A

Interdependence

CCEA GCSE Business Studies (3 decks)

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