This document summarizes key concepts in business studies including business activity, factors of production, scarcity and opportunity cost, additional terms like branding and adding value. It discusses the purpose of business activity being to fulfill needs versus wants, and the four main factors of production being land, labor, capital and enterprise. It also addresses how a marketing manager could increase a company's added value through improving product features, service quality, branding or convenience.

1. Business Studies
Cambridge IGCSE
Section 1 Presentation
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“ Understanding Business Activity ”

2. Content
Understanding business activity:
1- Business activity
2- Scarcity and opportunity cost
3- Additional key terms
4- Adding value
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3. Business activity
Purpose of business activity
Needs Vs Wants
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SEAT

5. Factors of Production
Scarcity
Opportunity Cost
Specialization
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Scarcity & Opp. Cost

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What are the four main factors of
production ?

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Division Consumer
of labour goods
Consumer Capital goods
services
Additional key terms

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Branding Service quality
Product features Convenience
Adding value

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Suggest two ways the marketing
manager might increase company X’s
added value.

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Thank you
for your time !