In this chapter, “Understanding Business Activity” we will cover the following main topics of 0450 Business Studies for IGCSE and 7115 O-Level Business Studies in detail. You can get IGCSE Revision Notes, Activities, Worksheets, Past Papers, Topical, Exam Style Questions from Sir Afzal Shad.

Chapter 1 understanding business activity
  • Needs
  • Wants
  • Difference b/w needs and wants
  • Economic Problem
  • 4 Factors of Production
  • Land
  • Labour
  • Capital
  • Enterprise
  • Activity of Factors of Production
  • Scarcity of Resources
  • Opportunity Cost

Step 1: Watch Lecture of Chapter 1 Business Studies (Part 1)

Step 2: Solve Chapter 1 Business Studies Worksheet

Once you have watched the complete video (part 1) of Chapter 1 Business Studies, have a look at the questions below and try to solve them:

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You can Download the Worksheet of Chapter 1 – Understanding Business Activity

Step 3: Understanding Business Activity Revision Notes

Chapter 1 Business Studies Revision Notes for IGCSE & O-Levels are written by Sir Afzal Shad. If you want to buy notes Online, please contact us

Why Business Studies Revision Notes by Sir Afzal Shad?

  • 13 Years of Teaching Experience to IGCSE/O-Level Students
  • To the Point and Cambridge Endorsed Definitions & Explanations
  • Sample Questions from the Past Papers
  • Activities / Case Studies included for Practice

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Needs, Wants, Difference b/w needs and wants, Economic Problem, 4 Factors of Production, Land, Labor, Capital, Enterprise, Activity of Factors of Production, Scarcity of Resources, Opportunity Cost.

Next Related Post:

Part 2 of Chapter 1 Understanding Business Activity

Topics Covered: Specialization, Division of Labour, Added Value, How to Increase Added Value.