Revision is a collection of short, clear explanations covering the core areas of business studies, including finance, marketing, operations, people, globalisation, and strategy. Each note breaks down key ideas and decision-making tools into simple, exam-friendly summaries. The aim is to make complex topics easier to understand, revise, and apply. It’s a quick-reference space for building strong business knowledge step by step.
A sole trader is a business owned and run by one person. The owner keeps all profits but faces unlimited liability, meaning personal assets are at risk if the business cannot pay its debts. It is the simplest and most common business structure in the UK, requiring no formal registration with Companies House.
Price elasticity is about how much people change what they buy when the price changes. If the price goes up and people stop buying a lot of it, we say it’s elastic. If the price changes but people still buy almost the same amount, it’s inelastic. It helps businesses understand how customers might react before they change prices.
