1 - Enterprise Flashcards
Define entrepreneur
an individual who has the idea for a new business, stats it up and carries most of the risks but benefits from the rewards
Define customer
an individaul consumer or organisation that purchases goods and services from a business
Define consumer
an individual who purchases good and services for personal use
Define consumer goods
the physical tangible goods sold to consumers that are not intended for resale. include durable and non durable consumer goods
Define consumer service
non-tangible products sold to consumers not intended for resale
Define factors of production
the resources needed by businesses to produce goods and services
Define capital goods
physical goods used by industry to aid in the production of other goods and services
Define enterprise
the action of showing initiative to take the risk to set up a business
Define adding value
increasing the difference between the cost of bough-in inputs and the selling price of the finished good
Define added value
the difference between the cost of purchasing bought-in inputs and the selling price of the finished goods
Define branding
process of diffrentiating a product by developing a symbol, name, image or trademark
Define oppotunity cost
the next best desired option that is given up
Define multinational businesses
a business organisation that has its headquarters in one country, but with operating branches, factories and assembly plans in other countries
Define intrapreneur
a business employee who takes direct responsibility for turing an idea into a profitable new product or business venture
Define business plan
a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecast
