1.1 Enterprise Flashcards
Topic: Business and environment
1
Q
Value added
A
The difference between the price of the product and the cost of raw materials.
2
Q
Capital goods
A
The physical goods used by industry to aid in the production of other goods and services.
3
Q
Opportunity cost
A
The lost of the potential gain from other alternatives when one alternative is chosen. `
4
Q
Entrepreneur
A
Someone who takes financial risk when starting a new venture. They will be the risk taker, decision maker and coordinator.
5
Q
Triple bottom line
A
The 3 objectives of a social enterprises which are economic, social and environmental.
