A-LevelBusiness StudiesBusiness and its environment9609/12 · Feb/Mar 2021 · Q15 Marks
Define the term 'opportunity cost'.
- (a)Define the term 'opportunity cost'.[2]
- (b)Explain two qualities an entrepreneur is likely to need for success.[3]
Mark scheme
Marking points from the official mark scheme (Feb/Mar 2021). The mark or mark type is shown in brackets.
- [2] The benefit/value/potential gain of the next best option/thing given up/not chosen. (2)
- [1] Occurs whenever a choice/decision is made/alternative chosen. (1)
- [3] Developed explanation of two qualities an entrepreneur is likely to need for success.
- [2] Developed explanation of one quality or partial explanation of two qualities an entrepreneur is likely to need for success.
- [1] Partial explanation of one quality an entrepreneur is likely to need for success or a list of two qualities.
- Answers could include: Innovative. Passionate. Committed. Self-motivated. Hard working. Multiskilled. Leadership/managerial skills. Ability to motivate others. Self-confidence. Ability to bounce back. Risk taker.
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