Review of Cambridge IGCSE Business Studies

Flashcards for reviewing key concepts in Cambridge IGCSE Business Studies.

The purpose of all businesses is to combine the factors of production to make products that satisfy people's __.

wants

The four factors of production are Land, Labour, Capital, and __.

Enterprise.

is when people and businesses concentrate on what they are best at.

Specialisation.

A __ occurs when a business is no longer needed and an employee loses their job.

Redundancy.

In a partnership, the partners have __ liability.

Unlimited.

A business that has a separate legal identity from its owners is called __.

Incorporated.

Creating a promotional campaign involves deciding on the __ to use and the target audience.

Media.

A __ is when one business merges with another in the same industry but at a different stage of production.

Vertical merger.

The marketing mix includes product, price, place, and __.

Promotion.

Market __ is the percentage of total market sales held by one brand or business.

Share.