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.

• 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:

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

Want to Ask Question about Understanding Business Activity?

If you still have any confusion in any part of the lecture, feel free to visit our Questions & Answers Section to find answers. If you are unable to find the exact question, ask your question and we will respond to your question online.

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.