EMS - Entrepreneurship

Question 1

: What is an entrepreneur?

Answer 1

People that start businesses and work for themselves.

Question 2

What is the act of starting a business called?

Answer 2

Entrepreneurship.

Question 3

List three characteristics of entrepreneurs.

Answer 3

They use initiative and creativity to turn ideas into reality,

take calculated risks, and

identify problems in their area to provide solutions.

Question 4

What are characteristics?

Answer 4

Specific qualities a person has.

Question 5

Define “viable”.

Answer 5

Something that has potential to be successful.

Question 6

List the three groups: Work for others, Work for themselves, Unemployed in order of greatest to smallest in South Africa.

Answer 6

Answer: 1) Work for others 2) Unemployed 3) Work for themselves.

Question 7

Why are entrepreneurs important for South Africa?

Answer 7

Entrepreneurs reduce unemployment by employing people. Without entrepreneurs to pay taxes, the government couldn’t employ people

Question 8

List three qualities that make entrepreneurs successful.

Answer 8

Prepared to take calculated risks;
believe in themselves;
have determination or will to succeed;

Question 9

What does production mean?

Answer 9

Creating utilities, which are useful goods and services to satisfy consumer demand.

Question 10

What decisions do entrepreneurs make when wanting to produce goods?

Answer 10

Decide what to produce,
how to produce it,
and for whom to produce.

Question 11

What is the public sector?

Answer 11

Part of the economy made up of government and government-owned businesses.

Question 12

What is specialization? Or when a business specializes?

Answer 12

To focus on producing only one type of product.

Question 13

Define “surplus”.

Answer 13

An amount that is extra or more than needed.

Question 14

What do entrepreneurs combine to make a profit?

Answer 14

Labour, Resources, Capital, and Entrepreneurship.

Question 15

Where do entrepreneurial actions of buying and selling take place?

Answer 15

: In markets, which can be specific places or online platforms.

Question 16

What are the three main types of businesses in the economy?

Answer 16

Retail, Manufacturing, and Services.

Question 17

What is the significance of markets in entrepreneurial actions?

Answer 17

Markets make the exchange of goods and services possible by bringing buyers and sellers into contact.

Question 18

What is the economic action of buying and selling also referred to as? Apart from the term ‘bartering’.

Answer 18

Exchange.

Question 19

Describe the term ‘bartering’.

Answer 19

Bartering refers to the direct exchange of goods or services without the use of money.

Question 20

Can a market refer to those buyers and sellers who influence the price of a good or service?

Answer 20

Yes.

Question 21

Do buyers and sellers always need face-to-face contact in a market?

Answer 21

No, business can be done via telephone, email, or online platforms where buyers and sellers do not have face-to-face contact.

Question 22

What are the three main types of businesses in the economy?

Answer 22

Retail, Manufacturing, and Services.

Question 23

What do we mean when we say a business combines types of businesses?

Answer 23

What do we mean when we say a business combines types of businesses?

Question 24

Give an example of a combined business type.

Answer 24

A lady who sews clothes (manufacturing) and also sells those clothes (retail).

Question 25

Define the word ‘Specialise’ in the context of production.

Answer 25

To focus on producing only one type of product or service that one is particularly skilled or efficient in.

Question 26

Why is it important for producers to produce a surplus of their goods or services?

Answer 26

To sell the surplus to consumers in the market for goods and services, which helps in generating profit and catering to a larger audience.

Question 27

Explain the term ‘Utilities’ in the context of production.

Answer 27

Utilities refer to the useful goods and services provided by entrepreneurs to satisfy consumer demand.

Question 28

In the context of a business, if the income is greater than costs, what is it indicative of?

Answer 28

The business is making a profit.

Question 29

How do markets facilitate the process of buying and selling?

Answer 29

Markets bring buyers and sellers into contact, allowing for the exchange of goods and services.

Question 30

What is the primary role of an entrepreneur in terms of production?

Answer 30

Starting the business, making important decisions, and managing the business.

Question 31

Describe the concept of ‘Demand’ in the context of goods and services.

Answer 31

Demand refers to how much consumers are willing and able to buy of a particular good or service at a given price.

Question 32

What do you mean by the public sector in the economy?

Answer 32

The part of the economy that is made up of government and government-owned businesses.