Business In the real World (Unit 1)

Question 1

What is an entrepreneur ?

Answer 1

Entrepreneur someone takes a calculated risk through starting a business.

Question 2

What is an enterprise ?

Answer 2

Enterprise describes the actions of someone who takes a risk by setting up, investing In and running a business

Question 3

Characteristics of a entrepreneur ?

Answer 3

.risk taking
.Hard working
.organised
.persuasive

Question 4

Objectives of an Entrepreneur ?

Answer 4

.pursue an interest
.Earn more money
.Identify a gap in the market

Question 5

What is a business ?

Answer 5

An organisation that exists to produce goods or supply services to customers .

Question 6

What are goods ?

Answer 6

Needs are those goods and services that we must consume if we are to live.

Question 7

What are opportunity Cost ?

Answer 7

They must make choices opportunity cost is the cost of what has been given up sacrificed or forfeited when another option has been chosen.

Question 8

What is a not for profit organisation ?

Answer 8

An organisation set up to provide a good or service to help others.

Question 9

Factors of production ?

Answer 9

.land
.labour
.Capital- the Machinery/buildings needed by the business to produce the product.

Question 10

Changes in the business environment ?

Answer 10

.leglisation
.economic
.technological
.Social