What is meant by adding value?
Increasing the difference between the price customers pay and the cost of inputs
Increasing costs without changing what customers are willing to pay
Selling every product below the cost of making it
Removing every feature that distinguishes a product so customers see it as identical to existing alternatives
37 exam-style questions on Edexcel GCSE Business 1.1 Enterprise and entrepreneurship, covering 1.1.1a Why new business ideas come about: technology and consumers, 1.1.1b Why new business ideas come about: obsolescence, 1.1.1c How new business ideas come about, 1.1.2a Risk in business activity, 1.1.2b Reward in business activity, 1.1.3a The role and purpose of business activity, 1.1.3b Adding value, and 1.1.3c The role of entrepreneurship. Each one has a worked solution and a mark scheme showing where the marks go.