101 Enterprise

Question 1

Enterprise

Answer 1

Another name for a business. Can also mean having the skill/initiative to make business happen

Question 2

SME

Answer 2

Small to medium sized enterprise (1) Small is less than 50 employees (1) Medium less than 250 (1) Usually sold trader, partnership or private limited company (1) Turnover less than £50m (1)

Question 3

Needs

Answer 3

What people need to survive - food, shelter, warmth (1) Needs are limited

Question 4

Wants

Answer 4

What people desire but not necessary for survival (1) Wants are unlimited (1)

Question 5

Entrepreneur

Answer 5

A person who uses an idea to start a business (1) Taking on the financial risks (1) in the hope of making a profit (1)

Question 6

Primary sector

Answer 6

Involves acquiring raw materials (1) Known as extractive production such as coal mining (1)

Question 7

Secondary sector

Answer 7

The manufacturing and assembly process (1) Involves converting raw materials into components as well as assembling the product (1) For example house building

Question 8

Tertiary sector

Answer 8

This refers to the commercial services that support production and distribution process (1) Involves providing a service (1) For example, insurance, retaining (1)