1.1.3 the role of business enterprise Flashcards
1
Q
purpose - to add value
A
Added value – the difference between what a business pays its suppliers, and the price it is able to charge for its product or service
2
Q
what is an enterprise
A
Enterprise is about taking risks, being creative and innovative and using your initiative
3
Q
what is an entrepreneur
A
An entrepreneur develops a business idea and then hires and organises the factors of production to carry out the business activity
