Enterprise

Question 1

why do people decide to start a business?

Answer 1

• make a profit
• make money from a hobby
• be their own boss
• provide employment for themselves and others

Question 2

what is an entrepreneur?

Answer 2

someone who uses their initiative to start and run their own business

Question 3

what are the characteristics of an entrepreneur?

Answer 3

risk taker, hard working, determined, creative, organised

Question 4

what are needs? + examples?

Answer 4

things people need to survive e.g food, water, clothes

Question 5

what are wants? + examples?

Answer 5

unlimited goods that aim for better quality of life e.g the latest iphone, sports car

Question 6

what is the importance of an entrepreneur to the economy?

Answer 6

• innovators - they bring new ideas to the market, development of new tech e.g dyson
• provide employment
• pay corporation tax
• prepared to take risks
• provides new products - boosts the economy

Question 7

what is the primary sector? + examples?

Answer 7

extracts/produces raw materials e.g oil / iron

Question 8

what is the secondary sector? + examples?

Answer 8

manufacturing and construction e.g making / building / assembling products

Question 9

what is the tertiary sector? + examples?

Answer 9

services, not goods e.g police / hairdressing

Question 10

is there a rise or decline in the primary sector?

Answer 10

decline - raw materials have run out / are found elsewhere

Question 11

is there a rise or decline in the secondary sector?

Answer 11

decline - change in consumer demand (better products from japan/china) / technology has replaced workers

Question 12

is there a rise or decline in the tertiary sector?

Answer 12

increase - education system more geared to tertiary employment / manufacturing has become unfashionable / greater wealth has led to growth in demand of services

Question 13

what is the importance of the primary sector to the UK economy?

Answer 13

• rural areas are crucial
• we get a great deal of food from agricultural industry

Question 14

what is the importance of the secondary sector to the UK economy?

Answer 14

• creates wealth (compared to services), but rapidly declining (cheaper in china)
• it turns raw materials into something people will pay for

Question 15

what is the importance of the tertiary sector to the UK economy?

Answer 15

• employs approx. 80% of employed people
• grown a lot (argued to be the most important sector)