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3. Which one of the following is a barrier to international trade? Select one answer - Edexcel - GCSE Business - Question 3 - 2019 - Paper 1
Question 3
3. Which one of the following is a barrier to international trade? Select one answer. A Aesthetics B Ethics C Tariffs D Trade-offs Figure 1 shows the sales re... show full transcript
Worked Solution & Example Answer:3. Which one of the following is a barrier to international trade? Select one answer - Edexcel - GCSE Business - Question 3 - 2019 - Paper 1
Step 1
Step 2
Using the information in Figure 1, calculate the percentage increase in sales revenue from 2015 to 2016. You are advised to show your workings.
Answer
To calculate the percentage increase, use the formula:
ext{Percentage Increase} = rac{ ext{New Value} - ext{Old Value}}{ ext{Old Value}} imes 100
Where:
- New Value (2016) = £1,250,000
- Old Value (2015) = £750,000
Calculating gives:
ext{Percentage Increase} = rac{1,250,000 - 750,000}{750,000} imes 100 = rac{500,000}{750,000} imes 100 = 66.67\%
Step 3
Explain one method a business could use to differentiate its product.
Answer
One method a business could use to differentiate its product is through branding. By creating a strong brand identity with a unique logo, consistent messaging, and a clear value proposition, the business can distinguish its products from competitors. This helps in building customer loyalty and recognition.
Step 4
Explain one possible barrier to effective communication within a business.
Answer
One possible barrier to effective communication within a business is the use of jargon or technical language that may not be understood by all employees. This can lead to misunderstandings and a lack of clarity in messages, thus impacting overall business operations.
Step 5
Discuss the impact on a business of giving employees permanent contracts.
Answer
Giving employees permanent contracts can have several impacts on a business. It may lead to increased employee morale and job security, resulting in higher productivity levels. However, it can also increase fixed costs related to salaries and benefits, and may reduce the business's flexibility to adapt to changing market conditions. Additionally, having permanent staff can foster a more committed workforce, which can lead to lower turnover rates and better retention of knowledge and skills.