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Business Activity

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

What are businesses trying to achieve, and why do their aims change?

Business aims and objectives: survival, profit, growth, market share, customer satisfaction and social or ethical aims, the difference between an aim and an objective, SMART objectives, and how and why aims and objectives change as a business develops.
A focused answer to the WJEC GCSE Business content on business aims and objectives, covering survival, profit, growth, market share and social aims, the difference between aims and objectives, SMART objectives, and why they change over time.
12 min answer →

Why and how do businesses grow, and how is the scale of a business measured?

Business growth and the scales of business activity: why businesses grow, internal (organic) and external growth including mergers and takeovers, the difference between local, national and multinational businesses, and the advantages and disadvantages of growing larger.
A focused answer to the WJEC GCSE Business content on business growth and scale, covering why businesses grow, internal (organic) and external growth such as mergers and takeovers, local, national and multinational businesses, and the pros and cons of getting bigger.
12 min answer →

What are the main legal forms of business ownership, and which should an owner choose?

Types of business ownership: sole traders, partnerships, private limited companies and franchises, the meaning of limited and unlimited liability, the advantages and disadvantages of each form, and the difference between the private and public sectors.
A focused answer to the WJEC GCSE Business content on types of business ownership, covering sole traders, partnerships, private limited companies and franchises, limited and unlimited liability, the pros and cons of each, and the private versus public sector.
13 min answer →

What does an entrepreneur do, and what are the risks and rewards of enterprise?

Enterprise and entrepreneurship: the role of the entrepreneur, the characteristics and skills of a successful entrepreneur, the risks and rewards of starting a business, and the reasons people set up in business.
A focused answer to the WJEC GCSE Business content on enterprise and entrepreneurship, covering the role of the entrepreneur, the characteristics and skills they need, the risks and rewards of starting a business, and why people set up on their own.
12 min answer →

Who has an interest in a business, and how do their interests conflict?

Stakeholders: internal and external stakeholders, the different interests and objectives of owners, employees, customers, suppliers, the local community and the government, how stakeholder interests can conflict, and the influence stakeholders have on a business.
A focused answer to the WJEC GCSE Business content on stakeholders, covering internal and external stakeholders, the objectives of owners, employees, customers, suppliers, the community and government, how their interests conflict, and the influence they have.
12 min answer →

Why does business activity exist, and how does a business add value?

The purpose of business activity: producing goods and services to meet the needs and wants of customers, the difference between needs and wants, the meaning of adding value, the factors of production, and the primary, secondary and tertiary sectors.
A focused answer to the WJEC GCSE Business content on the purpose of business activity, covering goods and services, needs and wants, adding value, the four factors of production, and the primary, secondary and tertiary sectors.
12 min answer →