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Which one of the following is a barrier to international trade? Select one answer - Edexcel - GCSE Business - Question 3 - 2019 - Paper 1
Question 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 revenue ... show full transcript
Worked Solution & Example Answer: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.
Answer
To find the percentage increase in sales revenue from 2015 to 2016, we can use the formula:
ext{Percentage Increase} = rac{ ext{New Value} - ext{Old Value}}{ ext{Old Value}} imes 100In this case:
- New Value (2016) = £1,500,000
- Old Value (2015) = £750,000
Calculating gives:
ext{Percentage Increase} = rac{1,500,000 - 750,000}{750,000} imes 100 = rac{750,000}{750,000} imes 100 = 100 ext{\%}Step 3
Explain one method a business could use to differentiate its product.
Answer
One method to differentiate a product is through innovation. By introducing unique features, improved technology, or enhanced performance, a business can make its product stand out in the market. For example, a smartphone company might innovate by incorporating advanced camera technology that provides superior image quality compared to competitors, thereby attracting customers who value photography.
Step 4
Explain one possible barrier to effective communication within a business.
Answer
One possible barrier to effective communication is language differences. In a diverse workplace, employees may come from various linguistic backgrounds, which can lead to misunderstandings or misinterpretations of information. For example, if some employees are not fluent in the business's primary language, crucial messages might not be correctly understood, affecting collaboration and productivity.
Step 5
Discuss the impact on a business of giving employees permanent contracts.
Answer
Giving employees permanent contracts can have several positive impacts on a business. Firstly, it can improve employee morale and job security, leading to higher retention rates and reduced turnover costs. When employees feel stable in their positions, they are more likely to invest in their roles and contribute to the organization’s growth. Additionally, permanent contracts may enhance productivity, as employees are inherently motivated to perform well. However, this decision also means the business may incur higher long-term labor costs, which can affect financial flexibility. Overall, the benefits of commitment and stability usually outweigh the potential downsides.