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Business Opportunities (AS Unit 1)

7 dot points across 7 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

How does a new business choose where to locate, and how does it raise the finance it needs?

Business location and finance: the factors influencing location decisions, and the internal and external sources of finance available to a new business, including their costs and suitability.
A focused answer to the WJEC A-Level Business Unit 1 content on business location and finance, covering the factors that influence where a firm locates and the internal and external sources of finance for a start-up, with their costs and suitability, and Welsh and UK examples.
13 min answer →

Why do entrepreneurs write a business plan, and where do they get help and advice?

Business plans and sources of guidance: the purpose and contents of a business plan, its benefits and limitations, and the sources of advice and support available to a new business.
A focused answer to the WJEC A-Level Business Unit 1 content on business plans and sources of guidance, covering the purpose and contents of a plan, its benefits and limitations for raising finance and reducing risk, and the bodies that support new firms, with Welsh examples.
12 min answer →

What legal structures can a business take, and how does the choice affect liability, control and finance?

Business structures: sole traders, partnerships, private and public limited companies, and not-for-profit organisations, including limited and unlimited liability and the implications for ownership, control and finance.
A focused answer to the WJEC A-Level Business Unit 1 content on business structures, covering sole traders, partnerships, private and public limited companies and not-for-profit organisations, with limited versus unlimited liability and the effects on ownership, control and finance, with UK and Welsh examples.
12 min answer →

What is enterprise, and what do entrepreneurs do to spot and exploit business opportunities?

Enterprise and entrepreneurs: the role and characteristics of entrepreneurs, the functions of enterprise, motives for starting a business, and the risks and rewards involved.
A focused answer to the WJEC A-Level Business Unit 1 content on enterprise and entrepreneurs, covering what an entrepreneur does, their characteristics, the functions of enterprise, motives for starting up, and the risks and rewards, with Welsh and UK examples.
12 min answer →

How do businesses gather and use information about their market, and how do they choose a representative sample?

Market research methods and sampling: primary and secondary research, quantitative and qualitative data, the main methods and their costs and reliability, and sampling methods including random, quota and stratified sampling.
A focused answer to the WJEC A-Level Business Unit 1 content on market research methods and sampling, covering primary and secondary research, quantitative and qualitative data, the main methods with their costs and reliability, and sampling methods, with Welsh and UK examples.
12 min answer →

How does a business work out its revenue, costs and profit, and at what level of output does it break even?

Revenue, costs, break-even and contribution: fixed and variable costs, total revenue and total cost, the calculation and interpretation of break-even output and the margin of safety, and contribution per unit.
A focused answer to the WJEC A-Level Business Unit 1 content on revenue, costs, break-even and contribution, covering fixed and variable costs, total revenue and cost, break-even output, the margin of safety and contribution per unit, with worked calculations and Welsh examples.
13 min answer →

What are the different types of market, and how do businesses divide a market into segments?

Types of markets and market segmentation: mass and niche markets, local to global markets, consumer and industrial markets, the bases of segmentation, and the concept of market size, growth and share.
A focused answer to the WJEC A-Level Business Unit 1 content on types of markets and market segmentation, covering mass versus niche, local to global, consumer versus industrial markets, the bases of segmentation, and market size, growth and share, with Welsh and UK examples.
12 min answer →