Business, Sectors and Competition – GCSE Business Studies Revision

This revision content is also featured on my YouTube channel:

(I give my channel permission to make money from this revision content)


  • A business is an organisation that makes money by providing a good or service
  • A good is a physical product that the customer can take away with them
  • A service is a non-physical thing a business does for a customer
  • Customers are people who buy things from a business
  • Consumers are people who buy things
  • Suppliers are businesses that provide things for other businesses


  • Competitors are rival businesses trying to sell the same things to the same people
  • When a business is ginormous or controls everything, it is called a monopoly (even having 25% of the market share makes you a monopoly)
  • The government has special laws designed to stop monopolies from appearing
  • The main way companies compete is to have low prices so customers will come to them
  • To keep competition going and keep prices low, it is illegal for businesses to communicate with each other about what to do with their prices
  • If this wasn’t the case, they could just agree “we’ll charge £100 for everything” and things would be too expensive
  • Businesses also try to compete by launching new products or having better customer services, in the hope that it will draw in new customers


  • There are three main industries; the primary, secondary and tertiary (third) sectors
  • The primary sector involves extracting/mining raw materials and selling them
  • The secondary sector involves making raw materials into products – manufacturing and assembling stuff
  • The tertiary sector involves providing services to help with selling things, such as advertising, transport and insurance
  • Companies in these three sectors are interdependent on each other… they couldn’t exist alone!

About Matt

I like writing, filmmaking, programming and gaming, and prefer creating media to consuming it. On the topic of consumption, I'm also a big fan of eating.
This entry was posted in GCSE Business Studies Revision and tagged , , , , , , , , , . Bookmark the permalink.

Enter comment:

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s