1 Business & Its Environment - 1.1 Enterprise

Question 1

Define Nature of Economic Activity

Answer 1

The item of lesser value is left out when a choice has to be made (due to scarcity)

Question 2

Define Opportunity Cost

Answer 2

The benefit of the next most desired option given up

Question 3

Define Social Enterprise

Answer 3

A business with mainly social objectives that reinvests most of its profits into benefiting society instead of maximising returns.

Question 4

What are the 3 objectives of social enterprise?

Answer 4

Also known as the Triple Bottom Line.

1. Economic
2. Social
3. Environmental