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Waste - GCSE Business Definition

Reviewed by: Steve Vorster

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Waste is any materials, time, or resources that are unnecessarily used or discarded during the production process, leading to inefficiencies and increased costs for a business. It highlights the importance of resource management and cost control in achieving business objectives and maintaining competitiveness.

Waste can take various forms, such as excess inventory, defects in products, or time lost due to inefficient work practices. Minimising waste is crucial for businesses aiming to improve their operational efficiency, reduce costs, and enhance overall profitability. This links to the principles of lean production and sustainable business practices.

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Steve Vorster

Reviewer: Steve Vorster

Expertise: Economics & Business Subject Lead

Steve has taught A Level, GCSE, IGCSE Business and Economics - as well as IBDP Economics and Business Management. He is an IBDP Examiner and IGCSE textbook author. His students regularly achieve 90-100% in their final exams. Steve has been the Assistant Head of Sixth Form for a school in Devon, and Head of Economics at the world's largest International school in Singapore. He loves to create resources which speed up student learning and are easily accessible by all.

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