IGCSE Business Studies: Chapter 1.1 Business Activity

IGCSE Business Studies: 1.1 Business Activity

Exam technique playlist]

Timestamps
0:00 - Intro
0:23 - Needs and wants
2:51 - Specialisation
5:16 - Purpose of business activities
7:43 - Adding value
9:09 - Solved exam questions

In this video, I discuss Chapter One of IGCSE Business Studies, focusing on the purpose and nature of business activity. Key concepts I cover include needs, wants, scarcity, and opportunity cost. I explain that needs are essential for survival, such as water and food, while wants are non-essential desires like luxury items. The scarcity of resources leads to opportunity costs, where choices must be made between competing needs due to limited resources.
I also explain specialization and the division of labor, emphasizing its advantages, such as increased productivity and efficiency, along with potential downsides like boredom and inflexibility among workers. I define business activities as combining scarce resources to produce goods and services that satisfy customer needs and wants.
The factors of production—land, labor, capital, and enterprise—are highlighted, illustrating their roles in business operations. I discuss how to add value to products through price increases, cost reduction, or qualitative improvements. The video concludes with sample exam questions, encouraging viewers to apply their knowledge of added value in practical scenarios. This overview serves as a foundational understanding for students preparing for IGCSE Business Studies.

[Alessandramusicstreaming]

Got a MID YEAR TEST in two days....thank you soooo much 🙏🙏

[weesh.]

It is really helpful for me sir. I have to learn by myself and this is encouraging me a lot for my exams. Thank you sir

[apoll]

Pls continue until chapter 6. I have my igcse tomorrow and I really need a refresher

[troyspookstar]

these videos are such lifesavers - thank you!

[Olumzyisthe]

just found this side of ur content and i love it idk if u remember me from ur past paper topic i apologise as i didnt know u do these types of videos

[irfanali-mfve]

Love the explanation! Thank you for you efforts ;)
I was hoping you will be able to cover the entire syllabus before the 2025 may/June session, hopefully e months before exams (Feb 2025)?

[muhammadaliqader]

Thank you very much this video was very helpful but in future videos, I would be grateful if you could show the case study so that I can try to attempt it myself...

[Beamer]

Exactly what i needed sir! I have my exam in a few days, however i wanted to ask although this is cambridge curriculum it doesnt have a huge difference to the edexcel one does it? If i watch all your videos while revising it wont any major differences to my Edexcel curriculum would it?

[Ariex_xox]

Will this be as effective with the pearson edexcel igcse course too? And if i memorize all the content in these videos and understand the concepts is that all ill need to get good grades in my mocks

[study]

Sir, are you teaching the Cambridge curriculum or the Pearson Edexcel curriculum in business studies? 🤔

[devilking_]

what app you used for past papers solving thing at the end???

[Khadijahsrain]

for the 4 mark and 6 mark questions, do i have to explain in depth or i can just write the points themselves?

[ari_siya-tu]

Hii
I was just wondering what exam board this is for?
Sorry you might have said, but I couldn't see it. xd

[sleepstorm]

For paper one question e, Should I add new knowledge points in the evaluation or continue to explain the knowledge points that I have already given, please help my board is in 6 days

[MohammedMaakifjr-ppku]

thx i think i will ur sildes as my notes

[aradhanadanraj]

Mister lee can i watch this only for my igcse exams tmr. I didnt study at all

[tehzeeboverseas]

Isn't division of labor and specialization different from each other

[archxt.r]

Can I use this to revise for pearson as well?