Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

IGCSE Business ACG > Workbook 1 > Flashcards

Workbook 1 Flashcards

1
Q

Scarcity

A

Shortness of supply

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Businesses

A

Offers goods or services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Factors of production

A

Labour
Enterprise
Land
Capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Opportunity cost

A

Sacrificing the next best thing/best alternitave

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Specialisation

A

Pursuing a particular line of work. Restricted to something specific

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Devision of labour

A

To do more than one thing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Added value

A

The selling price of the product minus the cost of raw materials

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Economic problem

A

An economy’s finite resources are insufficient to satisfy the demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Private sector

A

Part of the economy which is run by private businesses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Public sector

A

Part of the economy run by the government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Mixed economy

A

An economic system combining both public and private entetprise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Service

A

Intangeble
Unable to touch
The act of a helpful activity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Goods

A

Tangible

Able to touch/product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Main features of business activity

A

Offer goods or services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

How can you increase ADDED VALUE

A
  1. Add more components to the product
  2. Increase the selling price
  3. Use cheaper materials to make the product
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Primary sector

A

The extraction of raw materials

E.g. Coal, Oil, Iron ore, wood/lumber.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Secondary sector

A

Process/Manufacture of raw materials to make a product.

E.g. Furnature, Steel, Glass.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Tertiary sector

A

Retail (goods or services)

The product is sold

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

De-industrialisation

A

A decrease in the secondary sector

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Chain of priduction

A

Going from sector to sector.

E.g. Cow -> Mince/meat -> Mcdonalds

21
Q

Monopoly

A

A company who has more than 30% of the market

22
Q

Privatisation

A

To transfer from public to private enterprise

23
Q

Internal growth

A

When a business expands it’s operations

24
Q

External growth

A

When a company increases it’s profits by buying other companys

25
Q

Merger

A

A combination of two things especially companies into one

26
Q

Horizontal merger

A

A merger that occurs between firms that operate in the same space

27
Q

Vertical merger

A

A merger between two companies that operate at different stages of production

28
Q

Lateral Merger

A

When two businesses merge that make similar goods but aren’t in competition with each other

29
Q

Conglomerate Integration

A

A process when a business acquires a number of unrelated businesses in order to form a large and highly diverse corporation

30
Q

Take over

A

When one business buys another business

31
Q

Economies of scale

A

A proportionate saving in cost gained by a increased level of production as output increases

32
Q

Business plan

A

A formal statement of business goals and reasons that they are achievable and plans for reaching them

33
Q

Entrepreneur

A

A person who sets up a business to make profit. They take financial risks to make their company succeed

34
Q

Pro’s of an Entrepreneur

A
  • Money
  • Flexibility
  • Freedom
  • Success
  • Own boss
35
Q

Con’s of an Entrepreneur

A
  • Financial risks
  • Competition
  • Admin
  • Unpredictable work schedule
  • Stress
36
Q

Measures of business size

A
  • Number of employees
  • Market share
  • Value of sales
  • Value of capital gained
  • XXXprofitsXXX
37
Q

X Measuring size by profits X

A

Massive company, 20000 employees, 20 million

Small company, 100 employees, 50 million

38
Q

Advantage of business growth

A
  • Wider range of products
  • More profit
  • Advertisement of brand
  • Couldn’t obtain economies of scale
39
Q

Why businesses don’t grow

A
  • Less legalities
  • Smaller market size
  • Don’t want to risk it
  • Too much stress
40
Q

Business failure reasons

A
  • Bankrupt
  • No land
  • Failed business plan
  • Natural disasters (farming)
  • Lack of resources
41
Q

Economic growth

A

A measure of how well a country is doing.

GDP

42
Q

Environmentally friendly

A

Activities that conserve the environment and don’t pollute it

43
Q

External cost

A

The costs paid by the rest of society other than the business

44
Q

National wealth

A

The national resources and other productive assets of a country

45
Q

Sustainability

A

Trying to achieve economic growth but without damaging the environment of depleting its natural resources for future generations

46
Q

Pressure group

A

A group trying to protest against non-environmentally friendly companies/businesses

47
Q

Non-renewable resources

A

Resources that aren’t renewable. E.g Oil, gas or resources that take many years to renew

48
Q

Effective demand

A

The level of demand that is demanded by clients that can pay for it

49
Q

CASE STUDY

A

USE THE DATA AND NUMBERS!!!!! AND READ IT WELL!!!

IGCSE Business ACG (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions