Theme 1.1.3 - The Role of Business Enterprise. Flashcards
(10 cards)
What is the role of business enterprise?
To produce goods or services to meet customer needs
How can a business add value?
Through quality, convenience, branding, unique features, or good customer service
What is meant by ‘goods’?
Physical products that can be bought or sold
What is meant by ‘services’?
Actions or activities provided to customers
Why is adding value important?
It helps increase profit and differentiate from competitors
What are the three main roles of an entrepreneur?
Organising resources, making business decisions, and taking risks
What are the four factors of production?
Land, Labour, Capital, and Enterprise
What are customer needs?
Products or services that customers require or expect
What is the purpose of a business?
To provide goods or services to meet customer needs and make a profit
Why is branding a way of adding value?
It creates recognition and customer loyalty, allowing higher prices
