Course Description:

Welcome to our Business Cambridge IGCSE course, meticulously tailored to help you conquer the intricacies of Topic 1: Business Activity.  This comprehensive course is specifically designed for both Code 0450 and Code 0986 syllabi, ensuring you’re well-prepared for the IGCSE Business examination.

Course Highlights:

• Comprehensive Objectives: Master all objectives as outlined in the syllabus for papers 1 and 2. These objectives provide a solid foundation for exam success.

Course Outline & Objectives:

1. Business Activity (Lesson 1): Key objectives include:

• The purpose and nature of business activity: Concepts of needs, wants, scarcity, and opportunity cost Importance of specialization Purpose of business activity The concept of adding value and how added value can be increased.

2. Classification of Businesses (Lesson 2): Key objectives include: 

• Economic sectors in terms of primary, secondary, and tertiary sectors: Basis of business classification, using examples to illustrate the classification. Reasons for the changing importance of business classification, e.g., in developed and developing economies.
• Classify business enterprises between the private sector and the public sector in a mixed economy.

3. Enterprise, Business Growth, and Size (Lesson 3): Key objectives include: 

• Enterprise and entrepreneurship: Characteristics of successful entrepreneurs, Contents of a business plan and how business plans assist entrepreneurs, Why and how governments support business start-ups, e.g. grants, training schemes.
• The methods and problems of measuring business size: Methods of measuring business size, e.g. number of people employed, value of output, capital employed (profit is not a method of measuring business size), Limitations of methods of measuring business size.
• Why some businesses grow, and others remain small: Why the owners of a business may want to expand the business, Different ways in which businesses can grow e.g. internal/external, Problems linked to business growth and how these might be overcome, why some businesses remain small.
• Why some (new or established) businesses fail: Causes of business failure, e.g. lack of management skills, changes in the business environment, liquidity problems, Why new businesses are at a greater risk of failing.

4. Types of Business Organization (Lesson 4): Key objectives include: 

The main features of different forms of business organization:

• Sole traders, partnerships, private and public limited companies, franchises and joint ventures
• Differences between unincorporated businesses and limited companies
• Concepts of risk, ownership, and limited liability
• Business organizations in the public sector, e.g. public corporations

5. Business Objectives and Stakeholder Objectives (Lesson 5): Key objectives include: 

• Businesses can have several objectives and the importance of them can change: Need for business objectives and the importance of them, Different business objectives, e.g. survival, growth, profit, and market share, Objectives of social enterprises.
• The role of stakeholder groups involved in business activity: Main internal and external, stakeholder groups, Objectives of different stakeholder groups, How these objectives might conflict with each other, use examples.
• Differences in the objectives of private sector and public sector enterprise

Course Benefits: