The Dynamic Nature of Business Flashcards

1️⃣ Familiarise yourself with the flashcards:

  • Look through all the flashcards to see what's on both sides.
  • Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

  • Look at the question or prompt on each card and try to remember the answer before flipping it over.
  • Check the answer and make a note of any cards you find challenging and need to go over more.

3️⃣ Consistently Review and Practice:

  • Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
  • Regularly review all the flashcards to help you better understand and retain the information over time.

Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

PERSONALISED 1-TO-1 TUTORING

Need more help on this topic? Get 1-to-1 support

Get support with clear explanations, practice and feedback (Ages 5 to 16).

  • DBS-checked tutors
  • Flexible times
  • Parents can be updated

Want an ad-free experience? Subscribe to remove ads

What does 'the dynamic nature of business' mean?

Business keeps changing. Firms must adapt to keep up.

What are three main reasons new business ideas come about?

Changes in technology, changes in what consumers want, and older products becoming obsolete.

How can changes in technology lead to new business ideas?

New tools allow new products and easier ways to make or sell. For example, smartphones led to app-based services.

How can changes in what consumers want lead to new business ideas?

When tastes or fashion change, people want different things. Firms create new products to match the new wants.

In business, what does 'obsolete' mean?

No longer used or wanted because better options now exist.

How does obsolescence lead to new business ideas?

When old products no longer meet needs, firms design replacements or improved versions.

What are two ways new business ideas are developed?

By creating original ideas or by adapting existing products or services.

What is an original business idea?

A new product or service not seen before, or a new way to solve a problem.

What does it mean to adapt an existing product?

To change or improve it, such as adding features, new designs, or new uses.

Why must businesses adapt in a dynamic market?

If they do not change, they can lose customers and sales to rivals who meet new needs.