IGCSE Business: Topics 1.3 - 1.6 Revision

Vocabulary flashcards covering business classification, location factors, international trade, and government influences from IGCSE Business topics 1.3 to 1.6.

Primary sector

Businesses that collect or extract natural resources, such as farming, fishing and mining.

Secondary sector

Businesses that make products from raw materials, such as car factories and bakeries.

Tertiary sector

Businesses that provide services, such as shops, banks, hotels and transport.

Transport links

Logistical routes and networks that make it easier and cheaper for a business to receive supplies and deliver goods.

Planning rules

Legal regulations that may limit where a business can build or operate.

Globalisation

Countries and businesses becoming more connected through trade and investment.

Multinational company (MNC)

A business that operates in more than one country.

Currency appreciation

When a currency increases in value compared with another currency.

International competitiveness

How well a business can compete with businesses from other countries.

Public services

Services that people need and that the government pays for, such as schools, hospitals and roads.

Infrastructure

Basic physical systems such as roads, power and internet that can reduce costs and improve efficiency for businesses.

Legislation

Laws businesses must follow, such as health and safety laws.

Tariff

A tax placed on goods imported from another country.

Trading bloc

A group of countries that agree to make trading with each other easier.

Interest rate

The cost of borrowing money or the reward received from saving with a bank.