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Businesses can be classi ed into three sectors: Industry extracts and uses the earth's natural resources to produce raw materials for other businesses. The industry manufactures goods using the raw materials provided by the primary sector. The Industry provides services to consumers and other industry sectors.
Access revision notes for IGCSE Business Studies (0450) covering all sections, with helpful resources like topical past papers, formula sheet etc.
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This document provides an overview of key business concepts across 6 chapters. Chapter 1 discusses the nature of business activity, including the purpose of business to satisfy wants and needs through production using scarce resources.
CIE IGCSE BUSINESS STUDIES//0450 Page 2 of 30 1. UNDERSTANDING BUSINESS ACTIVITY 1.1 Nature of Business Activity • • Needs: goods or services that we need in order to live • Wants: goods or services which people would like to have. But are not essential for living. • Peoples wants are unlimited (you will always want something)
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All of the notes below have been updated to match the CIE IGCSE Business Studies (0450) syllabus for examinations in 2020, 2021 and 2022. 1. Understanding Business Activity. 1.1 – Business Activity. 1.2 – Classification of Businesses. 1.3 – Enterprise, Business Growth and Size. 1.4 – Types of Business Organizations.
