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Edexcel past papers business studies gcse unit 5

This unit consists of five topic areas. Topic 5.1 How can I start to think like an economist?. GCSE Revision; Business Studies; Edexcel Business Studies; Unit 5. 2 GCSE Business Studies 5BS03 01 Edexcel and BTEC Qualifications. 5(d) and 6(d) proving. reducing unit costs. A revision guide for Unit 5 of the Edexcel GCSE Business. GCSE Business & Economics Unit 5. game with my GCSE Business Studies students. Unit 1 Keyword.

edexcel past papers business studies gcse unit 5 GCSE Edexcel Economics and Business Studies Unit 5 - The.

Past papers | Past exam papers | Pearson qualifications

Can growth be sustainable?

•• the concept of sustainable economic growth

•• the benefits and drawbacks of using renewable resources for both businesses and the wider economy

••ways in which businesses can become more environmentally, socially and ethically responsible and the reasons why businesses adopt such policies

The concept of sustainability is essential, and is worth considering from a UK and a global perspective.

The key is to consider the difference between creating the image of social responsibility and putting it fully into practice.

What can governments do?

••how governments can use taxes, subsidies, legislation and regulation to protect the environment

•• the effects these policies will have on businesses

Although these terms must be understood fully, there is no need for detailed knowledge of examples of

actions such as subsidy, laws, regulation or taxation. However, understanding of progressive versus regressive tax may help in constructing arguments.

Topic 5.5 Is the world fair?

This topic considers how winners are created and how assistance and protection are provided for those less fortunate. The primary focus is on international inequality.

Is everybody equal?

•• the difference between types of inequality both within the UK and across national boundaries

••how to identify signs of absolute and relative poverty and be able to

make judgements as to a person’s standard of living based on source information

Students should gain sufficient perspective to understand the difference between poverty in the UK and poverty in many other less developed countries.

Can international trade help?

•• the costs and benefits of international trade to a less economically developed country (LEDC)

•• how the Single European Market has led to improvements in standards of living within the EU

•• ways in which free trade is restricted (eg tariff, nontariff barriers and quotas) and the reasons why countries may impose such restrictions

•• the role multi-national corporations can have and their benefits and drawbacks in less developed countries

It is important to take a balanced view, seeing the need for trade as well as the drawbacks.

The call for import protection is never far away, so it is important for students to understand its purpose.

There are many examples of good and bad corporate practice in less developed countries, which should help in creating good discussions.

Topic 5.5 Is the world fair?

This topic considers how winners are created and how assistance and protection are provided for those less fortunate. The primary focus is on international inequality.

Some businesses choose to be ethical because:

high ethical standards = good consumer image = high sales and profits

Pressure group - a group with a common interest/goal who work collectively to further that cause, e.g. a trade union

Pressure groups can embarrass companies and damage the company's image. This could lead to customer boycotts, which damage profits and upset shareholders.

Fairtrade products cost more, and the extra money is given to producers and invested in community projects. While many consumers buy fairtrade products because they want to feel like they're making a difference, in a recession price is more important and fairtrade sales will decrease.

This unit consists of five topic areas.

Topic 5.1 How can I start to think like an economist?

Topic 5.2 Risk or certainty?

Topic 5.3 Big or small?

Topic 5.4 Is growth good?

Topic 5.5 Is the world fair?

Assessment overview

This unit will be externally assessed.

••Written examination: 1 hour 30 minutes.

••Students will be required to answer all questions.

•• The paper is untiered and divided into three sections. Questions will require a mixture of multiple-choice selection, short- and extended/long-answers.

These are revision notes for GCSE Business studies unit 5 - intro to economic understanding, hope you find them useful :) ** - sorry they're not finished but i will be updating today and tomorrow on the 5th june 2011 i'll try my best to finish them.

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  • Created on: 28-05-11 16:41

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What problems does the economy face?

••how the changing level of demand can affect a business’s performance and the risks it faces

•• the causes and effects of inflation

•• impact of inflation on the consumer price index (CPI) and cost of living

•• the costs of unemployment, both to the individual and to the wider economy/society

•• the effects that internal and external shocks will have on the economy, for example changes in the housing market and global commodity prices (these effects will be considered at a basic level only)

This section should be concept heavy and terminology light. There is a requirement to explain causes of inflation, but no need to use terms such as cost-push and demand-pull. Similarly, there is no requirement to use terms such as cyclical or frictional unemployment.

During the life of the specification, unanticipated shocks will occur. Keeping up with these will be helpful for students, as they need to know about contemporary events.

How important are exchange rates?

•• the concept of imports and exports in international trade

Here again, beware of using too many terms. Terms such as appreciation and devaluation will not be used.

The key is understanding the impact of exchange rate changes on businesses.

Topic 5.2 Risk or certainty?

This topic looks at the ways in which risk can be minimised and what determines success.

••what an exchange rate is and identify whether or not a given currency has strengthened or weakened

•• the effect changing exchange rates have on export and import prices

•• the extent to which differing businesses are affected by exchange rate movements

Can the government solve economic and social problems?

••how the Bank of England uses interest rates to influence economic activity

•• the main ways in which changes in government spending and taxation affect the economy and social issues such as health, education, crime and poverty

•• the extent to which changes in government spending and taxation can be used to tackle current social

problems such as child poverty and binge drinking

The emphasis is on the effects, not the mechanism, for example Monetary Policy Committee (MPC).

Students should be aware of the limitations, as well as the achievements, of government spending.

Topic 5.3 Big or small?

This topic considers the strengths and weaknesses of large and small scale operations.

How do businesses grow?

••how businesses can develop through a process of internal growth, such as changing the marketing mix, innovation, research and development

••how businesses can grow externally through merger/takeover

This is a major element of the course, as it influences much of this section.

Students should be able to look sceptically at the value of takeovers to stakeholders.

Why do businesses grow?

•• the benefits that businesses may generate through growth – such as economies of scale and improved market power over suppliers and customers. (a detailed study of economies of scale will not be required)

•• the possible drawbacks of growth (diseconomies of scale, lack of flexibility etc)

There is value in understanding that increasing its size may help an organisation gain cost advantages, but detailed knowledge of, for example, bulk buying or technical economies is needed.

Diseconomies of scale should be given as much emphasis as economies.

Monopoly power – good or bad?

•• that monopoly power means having some degree of control over the market and that this control can have positive and negative effects on stakeholder groups

•• that in certain circumstances monopolies can be advantageous to society

A balanced perspective is required, in which the potential harm from market dominance can be placed against possible consumer benefits, be they from common computer software, or from a single supplier of high-quality rail travel.

An ability to look at issues from different perspectives is invaluable throughout.

Topic 5.3 Big or small?

This topic considers the strengths and weaknesses of large and small scale operations.

•• the extent to which any large business with market power may be able to act in a way that may damage the interests of some of its stakeholders

Can big business be controlled?

•• the concept of selfregulation

••whether or not big business can self-regulate effectively without the need for government intervention

•• the basic role of the competition authorities in the UK and the EU, such as the Competition Commission, and explain the reasons why these authorities investigate proposed acquisitions and existing businesses

•• the extent to which pressure groups can prevent the exploitation of stakeholder groups by big business (for example Greenpeace, Nestlé Baby Milk Action, Tescopoly)

Self-regulation can be considered, perhaps in relation to the drinks industry and the banking sector.

Topic 5.4 Is growth good?

This topic considers how growth in both businesses and economies provides benefits to some and costs to others, and the consequent importance of individuals, businesses and governments behaving in ways that take both of these activities into account.

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