Enterprise

Question 1

enterprise

Answer 1

another name for a business or mean having the skill and taking the initiative and the risk to make a business happen.

Question 2

SME

Answer 2

A small to medium sized enterprise with fewer than 250 employees and a turnover of less than £50m or 50m Euros.

Question 3

needs

Answer 3

Needs are what people require to survive, such as food, shelter, and warmth. Needs are limited.

Question 4

wants

Answer 4

Wants are desires that are not necessary for survival and are unlimited.

Question 5

entrepreneur

Answer 5

A person who uses an idea to start a business, taking on financial risks in the hope of making a profit.

Question 6

primary sector

Answer 6

The primary sector involves acquiring raw materials, also known as extractive production, (e.g coal mining)

Question 7

secondary sector

Answer 7

The secondary sector involves the manufacturing and assembly process, converting raw materials into components and assembling products. (E.g house building)

Question 8

tertiary sector

Answer 8

The tertiary sector refers to the commercial services that support the production and distribution process, involving providing services (e.g insurance and retailing)