Created from Youtube video: https://www.youtube.com/watch?v=jadJUYXk4tIvideoConcepts covered:business activity, needs and wants, scarcity, opportunity cost, adding value
The video on 'Understanding Business Activity' for IGCSE Business Studies covers key concepts such as the purpose and nature of business activity, needs and wants, scarcity, opportunity cost, specialization, and adding value. It explains how businesses aim to meet customer needs and wants, the distinction between goods and services, the economic problem of scarcity, the role of opportunity cost in decision-making, the benefits and drawbacks of specialization and division of labor, and methods to increase added value in products.
1.1 Understanding Business Activity IGCSE Business studies
Concepts covered:business activity, needs and wants, scarcity, opportunity cost, adding value
The video on 'Understanding Business Activity' for IGCSE Business Studies covers key concepts such as the purpose and nature of business activity, needs and wants, scarcity, opportunity cost, specialization, and adding value. It explains how businesses aim to meet customer needs and wants, the distinction between goods and services, the economic problem of scarcity, the role of opportunity cost in decision-making, the benefits and drawbacks of specialization and division of labor, and methods to increase added value in products.
Question 1
Businesses aim to meet needs and wants for profit.
Question 2
What is opportunity cost in decision-making?
Question 3
Division of labor increases efficiency by allowing workers to _____.
Question 4
CASE STUDY: A new tech startup is deciding between investing in AI or VR.
What is the opportunity cost of choosing AI?
Question 5
CASE STUDY: A clothing brand specializes in eco-friendly fashion.
Select three benefits of specialization.
Question 6
Goods are intangible, unlike services.
Question 7
How does specialization benefit businesses?
Question 8
Opportunity cost is the loss of the next best _____.
Question 9
CASE STUDY: A bakery wants to increase its product value.
Which method does not add value?
Question 10
Opportunity cost involves choosing one alternative over another.
Question 11
How can businesses add value to products?
Question 12
The purpose of business activity is to meet our needs and _____.
Question 13
Value added is the same as profit.
Question 14
What does scarcity require in resource allocation?
Question 15
Goods are tangible items, while services are _____.
Question 16
Scarcity arises from unlimited wants and limited resources.
Question 17
What is the purpose of business activity?
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