Year 11 Exam > Year 11 Notes > Economics for GCSE/IGCSE > Small Firms
Small Firms | Economics for GCSE/IGCSE - Year 11 PDF Download
Reasons Why Small Firms Exist
- In 2015, nearly 99% of businesses in the European Union were categorized as small enterprises, employing fewer than 49 individuals.
- Certain enterprises commence operations on a small scale but later expand into sizable corporations or even multinational entities. For example, Amazon's origins trace back to a garage.
- Despite the potential for growth, some firms either stagnate or deliberately opt to maintain their small size.
Reasons Why Small Firms Exist
Advantages & Disadvantages of Small Firms
Small Firms Experience Both Advantages & Disadvantages When Compared With Large Firms
The document Small Firms | Economics for GCSE/IGCSE - Year 11 is a part of the Year 11 Course Economics for GCSE/IGCSE.
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FAQs on Small Firms - Economics for GCSE/IGCSE - Year 11
| 1. Why do small firms exist? |  |
Ans. Small firms exist because they are able to adapt quickly to changes in the market, have lower overhead costs, can provide personalized services, and often specialize in niche markets.
| 2. What are some reasons for the emergence of small firms? | |
Ans. Small firms often emerge due to entrepreneurs seeking independence and autonomy, the desire to fulfill unmet market needs, the availability of technology and resources to start a business, and the potential for high profits in certain sectors.
| 3. How do small firms benefit from lower overhead costs? | |
Ans. Small firms benefit from lower overhead costs by having smaller office spaces, fewer employees, and less bureaucratic processes, allowing them to operate more efficiently and competitively in the market.
| 4. What advantages do small firms have in providing personalized services? | |
Ans. Small firms have the advantage of providing personalized services by being able to build closer relationships with customers, understand their specific needs better, and tailor their products or services accordingly.
| 5. Why do small firms often specialize in niche markets? | |
Ans. Small firms often specialize in niche markets because they can focus on serving a specific segment of the market, differentiate themselves from larger competitors, and capitalize on unique opportunities for growth and profitability.
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Nov 24, 2024 Last updated |
Document Description: Small Firms for Year 11 2024 is part of Economics for GCSE/IGCSE preparation.
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