← Elements of Business Skills syllabus

SingaporeElements of Business Skills

The World of Business

5 dot points across 5 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

What goals does a business set itself, and why does it need clear aims?

Explain common business aims and objectives - making a profit, surviving, growing, and giving good customer service - and why setting clear goals matters
A simple guide to business aims and objectives. Making a profit, survival, growth and good service, the difference between an aim and an objective, and why clear goals matter.
7 min answer →

How do businesses fit into the wider economy, and why do the retail, hospitality and tourism industries matter to Singapore?

Describe how businesses provide jobs, goods and services in the economy, and explain the importance of the retail, hospitality and tourism industries in Singapore
A simple guide to how businesses fit into the economy. Providing jobs, goods and services, and why the retail, hospitality and tourism industries matter to Singapore.
7 min answer →

Who are the people and groups that care about a business, and what does each of them want from it?

Identify the main stakeholders of a business - owners, employees, customers, suppliers and the local community - and describe what each one wants
A simple guide to business stakeholders. Owners, employees, customers, suppliers and the local community, what each one wants from a business, and everyday Singapore examples.
7 min answer →

What are the main ways a business in Singapore can be owned, and what are the good and bad points of each?

Describe the main types of business ownership - sole proprietor, partnership and company - and give an advantage and disadvantage of each
A simple guide to the main types of business ownership in Singapore. Sole proprietor, partnership and company, with an advantage and a disadvantage of each and everyday examples.
7 min answer →

What is a business, and how does it turn needs and wants into goods and services?

Explain what a business is, the difference between needs and wants, and how a business uses inputs to make goods or provide services for customers
A simple answer to what a business is. Needs and wants, goods and services, the inputs a business uses, and why a business exists, with everyday Singapore examples.
7 min answer →