AQA GCSE Business Studies

Capital: as a factor of production – AQA GCSE

Capital refers to a business’s financial or investment capacity to deploy resources necessary for operations, growth, or expansion. […]

Labour: as a factor of production – AQA GCSE

Labour comprises the collective personal effort of workers performing tasks within a business. By labour, business inputs are transformed into marketable products or services. […]

Land: as a factor of production – AQA GCSE

In certain industries, land directly supports the provision of goods or services. In such cases, land plays an integral role in production. […]

Customer needs vs. wants – AQA GCSE

Customer needs are essential requirements – they are considered necessary to well-being. Customer wants are non-essential desires (thought to be unnecessary) but pleasurable to have. […]

The difference between goods vs. services – AQA GCSE

Goods and services are distinct from one another. Goods are typically tangible (although not always, as with digital downloadable products) and services are intangible (because they are duties performed, not things made). […]

A business as a provision for others – AQA GCSE

For some, the reason for starting a business is to improve the lives or welfare of others in their community or society at large. Whilst still profitable, the primary aim goes beyond commercialism or financial gain. […]