Gcse Busniness

Question 1

Factors of production

Answer 1

1.land(farming)2.labour(cheap workers china)3.capital(euro tunnel construction)4. Entrepreneurship (gym shark)

Question 2

Opportunity cost

Answer 2

Cost of not doing something(Apple not putting open ai into there phones)
If they dont someone will use it and someone else will have a better product.

Question 3

Stakeholders and their objectives

Answer 3

Employees(job security and higher earnings)
Mangers (maintaining the quality standards necessary for the organisation)
Owners(to become and stay profitable)

Question 4

Business sectors - primary/secondary/tertiary-dig/make/sell,serve

Answer 4

Primary-farming or resourcing the producy
Secondary-constructing the product
Tertiary-sell the product to the consumer who becomes the user

Question 5

Business ownership models

Answer 5

Sole trader - typically work for themselves (handy man)
Partnership - typically called professionals (lawyers)
Ltd private - the company has a limit on the liability (protects the owners from liability
Plc public - the company can make it attractive for more people to invest ( customers can invest into the business).
Not for profit - company’s which sell items not for profit (charity shop)

Question 6

Business location

Answer 6

Business location is important for some companies because they need to be closer to where they find there customers or closer to where they find they’re product.