Institute of Commercial Management | Qualification Subject

The Business Environment

ICM Professional Diploma Unit

The Nature of Business Activity

  • What is business activity?
  • Enterprise and the entrepreneur
  • Enterprise and the factors of production
  • What entrepreneurs do

The Environment in which Businesses Operate

  • Business environment
  • Law
  • The economic environment of business
  • Scarcity and choice
  • Cost and opportunity cost

The Objectives of Business

  • Profits and survival
  • Profits and expansion
  • Primary, secondary and tertiary production
  • Private sector activity
  • Public sector activity
  • The interdependence of businesses

Money and Business Activity

  • The nature of money
  • The qualities of money
  • Wants and economies
  • Money and economies

Example Candidate Response Booklet

Example Candidate Response (ECR) Booklets are a source of crucial information for Centres and Candidates as they use real candidate responses. We ask Senior Examiners to comment on five or more responses in terms of why the mark was awarded with commentary about how to improve the answer (if necessary).

Recommended Reading

Main Text:

Business Studies – G Whitehead (Butterworth Heinemann)

Indicative Text:

Alternative Text and Further Reading: