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Business Studies Unit 1 Revision list
1.1 Spotting a business opportunity

1. Understand what a business does

2. Be able to explain the concepts of production, suppliers, customers and markets

Understanding customer needs

1. Understand that customer needs are central to starting business

2. Be able to explain the…

Page 2

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Added value

1. Define added value

2. Describe sources of added value

3. Explain why adding value is important for businesses


1. Understand what a franchise is

2. Define franchisors and franchisees

3. What are the benefits of franchising to franchisor and franchisee?

4. What are the disadvantages of…

Page 3

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Invention and innovation

1. Appreciate how new ideas come about

2. Define invention and innovation

3. Explain the steps an entrepreneur can take to protect their ideas through patents
and copyright.

Taking a calculated risk

1. Understand the principle of taking a calculated risk

2. Understand that weighing up the…

Page 4

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Estimating revenues, costs and profits

1. Understand how businesses estimate revenue (selling price x quantity sold)

2. Understand the difference between fixed and variable costs

3. Be able to explain the difference between cost, price and profit

4. Explain the impact of losses on a business and its owners.


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4. Understand that different businesses will place different emphasis on the elements
of the mix according to customer needs

The importance of limited liability

1. Explain the difference between limited and unlimited liability

2. Be able to point out the key differences between private limited companies and sole


Page 6

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1.5 The economic context
Demand and supply

1. Understand that prices in commodity markets are determined by the balance
between supply and demand

2. Explain the difference between the commodity markets and normal markets

3. What is the effect of price change and energy costs on a small business



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