Key term
Eduqas A-Level Business A510QS
Enterprise, Business Plans and Location
Topic overviewEnterprise, entrepreneurs and SMEsNeeds, wants and spotting a business opportunityThe role of the entrepreneur in setting up and running a businessFinancial and non-financial motives of entrepreneursCharacteristics and skills of entrepreneursEntrepreneurs, SMEs and the sectors of the UK economyStakeholders and their interestsBusiness plans and sources of adviceChoosing a business location
Markets, Demand and Market Research
Topic overviewMarkets and competitionTypes of marketMarket size, market share and market trendsMarket segmentationMarket structures and degrees of competitionConsumer protectionDemand and the factors that shift itSupply and the factors that shift itEquilibrium price and shifts in the marketPrice and income elasticity of demandPrimary and secondary market researchQualitative and quantitative dataSampling and bias in market research
Business Structure and Sources of Finance
Topic overviewThe private sector and the public sectorAims of private sector businessesSole traders and partnershipsPrivate and public limited companiesUnlimited and limited liabilityChoosing a legal structureNot-for-profit organisationsInternal and personal sources of start-up financeBorrowing, equity and grants for a small business
Revenue, Costs and Break-Even
Topic overviewRevenue, costs and profitFixed, variable and semi-variable costsDirect costs, indirect costs and overheadsCalculating revenue, costs and profitContribution and its usesCalculating the break-even pointBreak-even charts and the margin of safetyWhat-if analysis of changes in costs and revenueThe usefulness and limits of break-even
Marketing and the Marketing Mix
Topic overviewThe purpose of marketing and market orientationThe marketing mix and the four PsProduct, brand, USP and differentiationThe product life cycleExtension strategiesThe product life cycle and cash flowThe Boston matrixPricing strategiesChoosing the right pricing strategyPromotion above the line and below the linePlace and distribution channelsThe marketing mix in different contextsNew technology in marketing
Financial Planning and Accounts
Topic overviewThe role of the finance departmentBudgets and the purpose of budgetingThe benefits and drawbacks of budgetsInternal sources of financeExternal sources of financeChoosing the right source of financeCash flow and cash flow forecastsConstructing and interpreting a cash flow forecastCash flow problems and how to improve cash flowThe income statement, gross profit and net profitGross and net profit margins
People in Organisations
Topic overviewThe role of the human resource departmentThe flexible workforceNew technology and changing working patternsWorkforce planningThe recruitment process, job analysis and job descriptionsInternal and external recruitmentMethods of selecting employeesMethods of trainingThe value of training to a businessAppraisal and its methodsMeasuring workforce performanceOrganisational structures and the chain of commandDelegation, empowerment and delayering
Motivation, Management and Employee Relations
Topic overviewMotivation and the benefits of a motivated workforceTaylor and scientific managementMayo and the Hawthorne studiesMaslow's hierarchy of needsHerzberg's two factor theoryExpectancy theories of Vroom, Porter and LawlerFinancial methods of motivationNon-financial methods of motivationManagement, management by objectives and Theory X and YLeadership and leadership stylesLeadership theories and choosing a styleEmployment rights, contracts and equal opportunitiesTrade unions, industrial conflict and dispute resolution
Operations Management
Topic overviewOperations management and added valueJob, batch and flow productionProductivity and how to raise itCapacity utilisationTechnology in operations: IT, CAD, CAM and roboticsLean production, kaizen and just-in-timeQuality control and quality assuranceTotal quality managementPurchasing, suppliers and methods of stock controlStock control diagrams and stock levelsInnovation, research and developmentInternal and external economies of scaleDiseconomies of scale and the survival of small firms
Data and Market Analysis
Topic overviewPresenting and interpreting business dataIndex numbers and comparing figures over timeCalculating price elasticity of demandInterpreting price elasticity and its effect on revenueIncome elasticity of demandSales forecasting and the reliability of a forecastMoving averages and time-series analysisCorrelation, scatter graphs and extrapolationQualitative forecasting techniques
Analysing Business Performance
Topic overviewBudget variances and how to calculate themAnalysing and evaluating budget variancesThe balance sheet and how it is constructedWorking capital, capital employed and depreciationLiquidity ratios: the current ratio and the acid testReturn on capital employed and gearingComparing accounts over time and between businessesEvaluating the financial position of a businessNon-financial measures of performance and vision statements
Aims, Objectives and Strategy
Topic overviewAims, objectives and SMART targetsMission and vision statementsStrategy, tactics and corporate plansSWOT analysisPorter's Five ForcesThe Ansoff matrixOrganic growthExternal growth: mergers and takeoversHorizontal and vertical integrationFranchising as a method of growthRationalisation and relocationOutsourcing production
Decision-Making and Investment Appraisal
Topic overviewTypes of business decisionScientific and intuitive decision-makingDecision trees: constructing and calculatingEvaluating decision tree analysisCritical path analysis: building the networkInterpreting and evaluating critical path analysisCost benefit analysisPayback and the average rate of returnDiscounted cash flow and net present valueChoosing between investmentsSpecial orders
Change and Risk Management
Topic overviewCauses of change in a businessInternal and external causes of changePlanned and unplanned changeEffects of change on a businessManaging change and Storey's four approachesResistance to change and how it is overcomeEvaluating change and its impact on stakeholdersTypes of risk a business facesRisk assessment, prevention and insuranceContingency planning and crisis management
PEST Factors and the External Environment
Topic overviewPolitical factors and the role of governmentTaxation and subsidiesFiscal and monetary policyEconomic growth, GDP and the business cycleInflation and how it is measuredInterest rates and exchange ratesUnemploymentDemographic changeSocial and cultural changeTechnological factors and automation
Ethical, Legal and Environmental Factors
Topic overviewBusiness ethics and ethical objectivesEthical issues facing a businessCorporate social responsibilityEthics, profitability and stakeholder viewsCompany law, intellectual property and pay lawEmployment, discrimination and health and safety lawConsumer, competition and data protection lawEnvironmental costs of business activityControlling environmental costs and business responses
International Trade, Globalisation and the European Union
Topic overviewInternational trade and why it happensFree trade and protectionismTrading blocs and the single marketEntering new international marketsGlobalisation and its causesThe effects of globalisation on businessStrategies for global growthGlocalisation and adapting to local marketsMultinational companiesThe European Union and the single European marketThe euro, the Eurozone and membership
International Trade, Globalisation and the European Union
- 11 subtopics
- 33 things to know
- Component 3
What International Trade, Globalisation and the European Union covers
International Trade, Globalisation and the European Union is examined in Component 3, Business in a Changing World. It covers international trade and why it happens, free trade and protectionism, trading blocs and the single market, entering new international markets, globalisation and its causes, the effects of globalisation on business, strategies for global growth, glocalisation and adapting to local markets, multinational companies, the European Union and the single European market and the euro, the Eurozone and membership.
The 11 subtopics
Each one has its own page.
- International trade and why it happensInternational trade, difference between an export and an import and difference between visible and invisible trade.Open →
- Free trade and protectionismFree trade, three forms of protection other than tariffs and quotas and non-tariff barrier.Open →
- Trading blocs and the single marketTrading bloc, free trade area and customs union.Open →
- Entering new international marketsDeveloping market, joint venture and licensing as a market entry method.Open →
- Globalisation and its causesGlobal market, deregulation of financial markets and global supply chain.Open →
- The effects of globalisation on businessWider markets and cheaper inputs set against competition a domestic firm cannot always match, and why the gains are spread thinly while the losses concentrate.Open →
- Strategies for global growthGlobal brand, organic growth and external growth.Open →
- Glocalisation and adapting to local marketsProduct adaptation for a local market, standardisation in international marketing and trade-off between standardisation and adaptation.Open →
- Multinational companiesMultinational company, foreign direct investment and transfer pricing.Open →
- The European Union and the single European marketEuropean Union, single European market and purpose of common product standards in the single market.Open →
- The euro, the Eurozone and membershipThe single currency and the single interest rate that comes with it, the costs and benefits to a business, and the United Kingdom's position both inside and outside the European Union.Open →
What you need to know
Answer each one before you reveal it.
Your recallNot started
Key term
Name three forms of protection other than tariffs and quotas.
Evaluation
Give three arguments for protectionism.
Evaluation
Give three arguments against protectionism.
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Name three trading blocs other than the European Union.
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Give three benefits to a business of its country joining a trading bloc.
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Give three drawbacks to a business of its country joining a trading bloc.
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What is meant by a developing market?
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Give three ways a business can enter an overseas market.
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Give three cultural challenges of entering a new international market.
Evaluation
Give three advantages of a global brand.
Evaluation
Evaluate the strategies a business uses to achieve global growth.
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Which products most need adaptation?
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Why is local staff knowledge valuable to an international business?
Evaluation
Evaluate whether a business should adapt or standardise its product internationally.
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Give three reasons a business becomes a multinational.
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How does becoming a multinational help a business avoid trade barriers?
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Give three benefits a multinational brings to a host country.
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Give two benefits of the single market to a business selling into it.
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Give three benefits of the single currency to a business.
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Give three costs of the single currency to a business or a country.
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Is the United Kingdom a member of the Eurozone?
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What is globalisation?
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How does globalisation increase competition for a UK business?
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What is international trade?
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What is a global market?
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How does globalisation create opportunities for growth?
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What is the European Union?
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What is the difference between an export and an import?
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How have communication technologies contributed to globalisation?
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How does globalisation affect a business's costs?
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What is a global brand?
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What is the single European market?
Take International Trade, Globalisation and the European Union further
The same content, four other ways.
Commonly confused
Pairs that lose marks when they are blurred together.
Offshoring vs Outsourcing
Offshoring: moving an activity abroad inside the same company. Outsourcing: contracting it to another company, at home or abroad.
Standardisation vs Glocalisation
Standardisation: selling the identical product everywhere. Glocalisation: adapting the detail to each market while keeping one identity.
Exporting vs Foreign direct investment
Exporting: producing at home for sale abroad. Foreign direct investment: building productive assets in the other country.
Questions from this topic
Each one with the model answer underneath.
- 1
What is international trade?
Model answer
International trade is the exchange of goods and services across national borders. Trade covers both exports sold abroad and imports bought from abroad.
- 2
What is the difference between an export and an import?
Model answer
An export is a good or service sold by a domestic business to a buyer in another country. An import is a good or service bought from a supplier abroad.
- 3
What is the difference between visible and invisible trade?
Model answer
Visible trade is trade in physical goods such as cars or food. Invisible trade is trade in services such as insurance, tourism and financial services.
- 4
What is the balance of trade?
Model answer
The balance of trade is the difference between the value of a country's exports and the value of its imports. A surplus means exports exceed imports and a deficit means the reverse.
- 5
Why do countries trade rather than produce everything themselves?
Model answer
No country holds every resource, climate and skill needed to make everything. Each country produces some goods relatively well. Specialisation and trade therefore raise total output above what self-sufficiency allows.
- 6
What is meant by specialisation in the context of trade?
Model answer
Specialisation is a country concentrating production on the goods and services it makes relatively efficiently. Trade then supplies everything the country has chosen not to make.
What is inside Levo
Six ways to work the same material.
International Trade, Globalisation and the European Union revision questions
- What does International Trade, Globalisation and the European Union cover in Eduqas A-Level Business?
- 11 subtopics: international trade and why it happens, free trade and protectionism, trading blocs and the single market, entering new international markets, globalisation and its causes, the effects of globalisation on business, strategies for global growth, glocalisation and adapting to local markets, multinational companies, the european union and the single european market and the euro, the eurozone and membership. Each one has its own page with questions and model answers.
- How is International Trade, Globalisation and the European Union organised?
- By the Eduqas A510QS specification, subtopic by subtopic, so it matches the order you are taught it in.
Every question in International Trade, Globalisation and the European Union, on a schedule.
Attempt a question from memory, write the correct version, then attempt it again. Levo records the jump between your first attempt and your last, and brings each question back on the day you are due to forget it.
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