Business - produce goods and services to meet customer needs and wants, Entrepreneur - someone who owns a business, has an idea for a business and take risks, Enterprise - business, Benefits to government of supporting start ups - job creation, increasing competition, How do governments support start ups - provide rent free land, interest free loans, grants, provide training for workers, financial advice, etc., Risk taking ability of entrepreneurs - result is unknown, uncertain, Private sector - includes businesses owned by private individuals, not the government or state, Public sector - includes businesses owned by the government or state, not private individuals, Secondary sector - manufacturing stage of production, e.g. making cheese, ketchup, Convenience - it adds value to a business, as it provides goods or services in a way that is convenient for customers, e.g. delivering goods to homes, Scarcity - when number of masks available during covid times were lower than the number of customers, Being optimistic - entrepreneurs need to be positive in their mindset, so that they can face challenges in the business and find relevant solutions, Advantages of public sector - businesses charge lesser to customers, focus on what the customers want, Disadvantages of public sector - goods and services may not be of the best quality, businesses do not earn as much profit since aim is to provide service, Advantages of private sector - improve products for customers as main aim is profit, may reduce prices due to public sector , Disadvantages of private sector - businesses may charge more as main aim is profit, not all customers may afford their goods and services, Increasing selling price of products OR Decreasing cost of production/ raw materials - helps the business earn more profit or save money for other expenses, Branding - advertisements allow more people to know about the business, business can become popular, looks more attractive to customers, Product features - add more features to the goods being sold, or improve them, Importance of adding value - businesses may be able to make profit and grow, can help pay other costs such as labour, rent, branding, etc.,

MS Prep IGCSE - Business (Chaps 1-3)

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