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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 revenue... 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 in sales revenue from 2015 to 2016, we use the formula:
ext{Percentage Increase} = rac{ ext{New Value} - ext{Old Value}}{ ext{Old Value}} imes 100From Figure 1, the sales revenue for 2015 is £750,000 and for 2016 is £1,500,000.
Substituting the values:
ext{Percentage Increase} = rac{1,500,000 - 750,000}{750,000} imes 100 = rac{750,000}{750,000} imes 100 = 100\%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 unique design. By creating products that have distinct and appealing designs, companies can stand out in the marketplace. This can attract customers who are looking for something special or different from competitors.
Step 4
Explain one possible barrier to effective communication within a business.
Answer
One possible barrier to effective communication within a business is cultural differences. Employees from diverse cultural backgrounds may have different communication styles, languages, and interpretations of messages, leading to misunderstandings and miscommunication.
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. Firstly, it can increase employee retention, as permanent contracts often provide job security, which can lead to higher employee morale and loyalty. Secondly, it lowers recruitment and training costs, as the business does not need to continually hire and onboard new employees. On the other hand, permanent contracts may also lead to higher fixed costs for the business and could reduce flexibility in workforce management during fluctuating market conditions.