Module One: Business Activity, Classification and Growth
This module will cover the purpose of business and why enterprise relies on entrepreneurs. The importance of what characteristics make an entrepreneur. The IGCSE Business Studies Module 1 develops the importance of ‘adding value’ as a business concept and looks at the different types of industrial sector where businesses may operate. The module also considers the issues of government assistance to new and growing business organisations. There is a focus is on the importance understanding the public and private sectors of industry and these operate in a mixed economy. The final aspect concerns business planning and how a business may structure a meaningful business plan.
Topic One (1.1): Why do Businesses Exist?
- Understand and apply the purpose and nature of business activity; why do business organisations exist?
- Understand the production process and the four factors of production”
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Topic Two (1.2): The Basic Economic Problem
- Understand needs and wants as well as scarcity
- Understand the concept of opportunity cost and the basic economic problem
Topic Three (1.3): Adding Value
- Understand the concept of adding value
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Topic Four (1.4): Business Sectors
- Understand the three main business sectors
IGCSE Business Studies – Module 1 (contd)
Topic Five (1.5): The Public and Private Sectors
- Understand what the public sector is
- Understand what the private sector is
- Understand the operations of a public enterprise
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Topic Six (1.6): Specialisation
- Understand the concepts of specialisation and division of labour
Topic Seven (1.7): Entrepreneurs and Business Planning
- Understand the term ‘entrepreneur’
- Be able to recognise the characteristics of an entrepreneur
- Understand how useful a business plan is and the contents contained in such a plan
Topic Eight (1.8): Government Assistance For Business Start Ups
- Understand the assistance available to start-ups via the government