IGCSE, A Level Business Student Forum

Kn:Nationalism is when the government takes over the control of the business
App:For example if major energy company is close to collapse the government might nationalise it
Analysis:The prevents job losses and protects national services

Kn: State owned business are owned and runned by the government
App:For example a government owned airline may overstaff to reduce employment
Analysis:This can result in wastage of resources lower productivity and financial losses

Kn: The main objective of a public sector business is to provide essential goods
App:For example a government owned electricity company aims to ensure relaible power supply
Analysis:It helps promote equality and social development

Kn:Partnership means that a business is divided between two people who share responsibilities
App:Advantage is that partners can contribute theirs skills example one can focus on finance ,disadvantage is that a disagreement may occur between part
Analysis:It may help the business in growing faster ...

Kn:Sole trader is that they have full control over the business
Kn: For example a sole trader running a small shop can decide what products to stock and set prices
Analysis:This causes quicker decision making helping the builders to respond faster to customers needs

Kn: De industrialisation is the decline of the manufacturing sector
App:A positive impact is that workers may move into higher skilled services such as IT
Analysis:The growth of service industries can modernise the economy and increase long term competitiveness

Kn:Because more jobs are available in secondary sector
App:For example a country that previously relied on agriculture might start building factories
Analysis:It will increase economic growth ,create employment opportunities and raising standards

The tertiary sector provides services rather than goods
App:For example the government employs civil servants for tax offices and local
Councils to manage public services
Analysis:Because these services are necessary for all population

Kn:Transport services are important for moving raw material to factories
App:Reliable transport reduces delays of receiving raw materials and delivering goods
Analysis:Efficient transport services can reduce overall costs

Kn: The primary sector provides raw materials such as cotton
App: For example, a factory making furniture relies on timber from forestry, while a textile manufacturer depends on cotton from farming
Analysis: If the primary sector does not supply enough resource manufacturing costs may rise ...

Kn: Wants are add ons which give customers comfort and status
App:Customer ls have basic smart watches or phones to tell time but they want luxury watches like rolex to build an image Analysis
Analysis: Wants are important because businesses can charge higher prices as customers demand is high

Kn: People have unlimited wants but there are limited resources available to satisfy them
App: Everyone want the latest phone or the newest model car but there income is not enough to fulfill their desires
Analysis: As a result government have to decide to allocate scarce resources fairly

Kn: Wants are pleasurable add ons that attract customers
App: Heated seats and leather interior can fullfil customer wants
Analysis: This build ls (USP) causing higher prices

Kn: Everyone wants needs at the first place wanta are just addons on desires
App:A startup business might find it easier to sell eggs as they are a need for survival
Analysis:Needs are always in demands so there will be less chances of the stock being unsold

Kn: A basic pair of shoes is a need for survival and a branded trainer is a pleasurable want
App:A customer might need a basic shoe to walk comfortably but a branded shoe will help him build an image
Analysis:Branded shoes help follow trendy fashions