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Responses explain why an entrepreneur opens a second-hand shop, identify resources used to set up a business, and describe why businesses exist and how goods and services are provided for profit. Other sections address consumer wants versus needs, private enterprise ownership, business stakeholders, relationships with suppliers, and producer goods. A chapter review also defines producer goods and the private sector and outlines managers’ roles in a changing business environment.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":36,"@type":70,"position":76},"https://docshare.wps.com/template/forms/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/international-gcse-business-answers/239045/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/international-gcse-business-answers/239045.png","ImageObject",442,249,{"name":88,"@type":89},"Adam","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-23","2026-09-11",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",8,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"Why did Tharanga open a second-hand bicycle shop?","Question",{"text":109,"@type":110},"He wanted to be his own boss and had a passion for bicycles, spending time restoring and selling them. He also expected to make some money from the hobby.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"What resources does Tharanga use when setting up his business?",{"text":114,"@type":110},"He uses premises, tools and equipment (such as spanners and pliers), spare bicycle parts and lubricants, business stationery, electricity, and a mobile telephone. He also employs his younger brother as a shop assistant.",{"name":116,"@type":107,"acceptedAnswer":117},"What is meant by a business stakeholder?",{"text":118,"@type":110},"A stakeholder is an individual or group with an interest in the operation of a business. Some stakeholders have a financial interest, such as owners.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},239045,1789142867,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":35,"category_name":36,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":136,"language":137,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":138,"faqs":139,"seo_title":140,"seo_description":61,"update_tm":126,"read_time":42},1374404737137,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","ANSWERS 1  \nANSWERS  \n*Please note: questions without answers are ‘open’ and designed for group or class activities.  \nCHAPTER 1  \nCASE STUDY: THE KANDY CYCLE SHOP  \n1 ▶ Why do you think Tharanga opened a second-hand bicycle shop?  \nTharanga had always wanted to run a business because he wanted to be his own boss. He also had a passion for bicycles and spent a lot of his spare time restoring old bicycles and selling them on to local people as a hobby. He probably felt he could make a living by exploiting this hobby. He may also have been motivated by the prospect of making some money.  \n2 ▶ What are three resources used by Tharanga when setting up his business?  \nTharanga when setting up his business used a range of resources. For example, he needed premises, tools and equipment, such as spanners, pliers, screwdriversand wrenches, spare bicycle parts, lubricants, business stationery, electricity and a mobile telephone. He also employed his younger brother as a shop assistant.  \n3 ▶ Why do you think businesses exist?  \nBusinesses exist to provide goods or services. In this example, Tharanga sold second-hand bicycles and carried out a repair and maintenance service for bicycle owners. In the private sector these goods and services are sold in the hope that a profit is made for the business owners.  \nACTIVITY 1  \nCASE STUDY: GULF CONFECTIONERY AND BISCUIT CO.  \n1 ▶ [Does the Gulf Confectionery and Biscuit Co. supply](Does the Gulf Confectionery and Biscuit Co. supply)[ ](Does the Gulf Confectionery and Biscuit Co. supply)[products that satisfy needs or wants?](products that satisfy needs or wants?)  \nThe Gulf Confectionery and Biscuit Co. manufactures high-quality toffees, sweets and lollies. These products are designed to meet consumers’ wants, not their needs. They are non-essential products. They are not required for human survival. People can live without toffees, sweets and lollies, so they are not designed to meet their needs.  \n2 ▶ The Gulf Confectionery and Biscuit Co. is a private enterprise. What does this mean?  \nIndividuals or groups of individuals own most businesses privately. They are private sector businesses. The Gulf Confectionery and Biscuit Co. is a private enterprise that makes toffees, sweets and lollies. The owners hope that the business is successful and is able to make a profit.  \nACTIVITY 2  \nCASE STUDY: STAKEHOLDERS  \n1 ▶ What is meant by the term business stakeholder? A stakeholder is an individual or a group that has an interest in the operation of a business. Some stakeholders, such as owners, have a financial interest in the business.  \n2 ▶ Name the two groups of stakeholders in the photograph.  \nCustomers and employees are the two groups of stakeholders in the photograph.  \n3 ▶ The goods sold in the store above are bought from suppliers. What are the possible needs of suppliers? Businesses that provide raw materials, parts, commercial services and utilities to other businesses are called suppliers. In this case, suppliers provide the store with the stock that is sold on to consumers. Relations between businesses and their suppliers must be good because they rely on each other. Businesses want good quality resources at reasonable prices. In return suppliers will require prompt payment and regular orders. If suppliers do not receive prompt payment from their customers, this may cause them problems. For example, they may not have enough money to pay their own bills.  \nMULTIPLE-CHOICE QUESTIONS  \n1C, 2C, 3B, 4A  \nCHAPTER REVIEW  \nCASE STUDY: JCB  \n1 ▶ JCB makes producer goods. What is meant by the term producer goods?  \nProducts sold by one business to another are called producer goods. JCB designs and manufactures a wide range of machinery for the construction industry. These are producer goods because they are sold to other businesses, not consumers.  \n2 ▶ What is meant by the term private sector?  \nBusiness organisations owned by individuals or groups of individuals operate in the private sector.  \n","cbCaiipsVgu2Youl","https://ap.wps.com/l/cbCaiipsVgu2Youl","pdf",1186995,86,"English","# Chapter 1 Case Study: The Kandy Cycle Shop\n# Activity 1 Case Study: Gulf Confectionery and Biscuit Co.\n# Activity 2 Case Study: Stakeholders\n# Multiple-Choice Questions\n# Chapter Review: Case Study: JCB\n## Key Business Concepts and Definitions\n## Managers and Stakeholders in a Changing Environment","[{\"question\":\"Why did Tharanga open a second-hand bicycle shop?\",\"answer\":\"He wanted to be his own boss and had a passion for bicycles, spending time restoring and selling them. He also expected to make some money from the hobby.\"},{\"question\":\"What resources does Tharanga use when setting up his business?\",\"answer\":\"He uses premises, tools and equipment (such as spanners and pliers), spare bicycle parts and lubricants, business stationery, electricity, and a mobile telephone. He also employs his younger brother as a shop assistant.\"},{\"question\":\"What is meant by a business stakeholder?\",\"answer\":\"A stakeholder is an individual or group with an interest in the operation of a business. Some stakeholders have a financial interest, such as owners.\"}]","International GCSE Business - Answers | PDF"]