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3.1 Business in the real world

6 dot points across 6 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

What decides where a business locates, and what goes into a business plan?

The factors that influence where a business locates (proximity to market, labour, materials and competitors, and cost), the purpose and main contents of a business plan, and how planning supports a new business.
A focused answer to AQA GCSE Business 3.1.5 and 3.1.6, covering the factors that influence business location, the purpose of a business plan, and the main sections a plan should contain.
7 min answer →

What are the main legal structures a business can take, and how does liability differ?

The main forms of business ownership (sole trader, partnership, private limited company, public limited company, not-for-profit), the meaning of limited and unlimited liability, and the advantages and disadvantages of each.
A focused answer to AQA GCSE Business 3.1.2, covering sole traders, partnerships, private and public limited companies, not-for-profit organisations, and the meaning of limited and unlimited liability.
8 min answer →

What does an entrepreneur do, and why do people start their own business?

The role of business enterprise and entrepreneurship, the characteristics and objectives of an entrepreneur, the reasons for starting a business, and the risks and rewards involved.
A focused answer to AQA GCSE Business 3.1.1, covering the role of enterprise, the characteristics and objectives of an entrepreneur, why people start businesses, and the risks and rewards of doing so.
6 min answer →

What goals do businesses set, and why do those goals change?

The reasons businesses set aims and objectives, the main types of objective (survival, profit, growth, market share, customer satisfaction, social and ethical aims), and why objectives differ between businesses and change over time.
A focused answer to AQA GCSE Business 3.1.3, covering why businesses set aims and objectives, the main types of objective, and why objectives differ between businesses and change over time.
6 min answer →

Who has an interest in a business, and why do their interests clash?

The main internal and external stakeholders of a business, the different objectives and interests each group has, and how and why stakeholder interests can conflict.
A focused answer to AQA GCSE Business 3.1.4, covering the main internal and external stakeholders, the objectives each group has, and how and why stakeholder interests can conflict.
6 min answer →

Why do businesses exist, and how do they create value?

The purpose of business activity, the factors of production, what businesses do (identifying and satisfying needs and wants), the concept of adding value, and the difference between goods and services.
A focused answer to AQA GCSE Business 3.1.1, covering the purpose of business activity, the factors of production, identifying and satisfying needs and wants, adding value, and goods versus services.
7 min answer →