IGCSE Business - Chapter 1

Which of the following is an example of a need?

• Smartphone

• Designer Clothes

• Water

• Video Games

What is the economic problem?

• Unlimited resources to meet all needs

• Limited resources to meet unlimited wants and needs

• Having too much money

• Lack of competition in the market

What are the FOUR factors of production?

What is the term used to describe people or businesses that focus on producing a specific type of product or service, leading to increased quality & efficiency.?

Which of the following is NOT a way businesses ADD VALUE

• Improving product features

• Enhancing brand reputation.

• Lowering the quality of the product.

• Providing excellent customer service.

Breaking down a job into smaller tasks, with each worker performing a specific task, is known as ________.

When resources are limited and cannot meet all wants and needs, this situation is known as ________.

The value of the next best alternative that is given up when making a choice is called ________.

What is the term for when businesses to use resources to provide goods or services to people.

Explain what is meant by added value in a business.