Business Studies Collins Revision Guide. - StudyGuide.PK

Check yourself answers3 OBJECTIVES AND GROWTH (PAGE 12)1 Monopoly A person with a financial interest inthe business (1)SCOREMergerStakeholderA business which controls a largepart of the market (1)When businesses of a similar sizejoin together (1)2 Owners, managers, suppliers, customers, employees andcreditors. (6) Try to use the correct business terminology. Youcan often get another mark for explaining the term, forexample explaining what a creditor is.3 Satisficing is being content to reach a particular level, (1)whereas maximising is making the most out of something. (1)4 Survival. (1)Profit. (1)Growth. (1)Survival will be an early objective. Once the business is moreestablished it will aim for profit and growth.5 To obtain reasonable pay so that they can support theirfamily. (1)To have good conditions of work so that they feel safe. (1)There are many other reasonable answers. Where the questionsays ‘explain’, it is useful to use the words ‘so that’ in youranswer.6 A customer will want to pay low prices (1) whereas thebusiness will want to make a lot of profit. (1) Again there aremany other reasonable answers such as the customers willwant high quality whereas the business will want to keep itscosts down.7 Internal. (1)External. (1)104TOTAL