Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business AS studies > 1.1 Enterprise > Flashcards

1.1 Enterprise Flashcards

1
Q

Define business objectives

A

Measurable targets set by the business (like sales or profits) that have to be achieved within a given period of time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Define transformation process

A

Involves converting inputs into outputs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Define FOP

A

These are inputs into the transformation process (land, labor, capital, enterprise)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Define primary sector

A

It’s the first stage of production and includes extracting or growing resources like fishing, mining

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Define adding value (first definition)

A

Occurs in the transformation process where the outputs produced are worth more than the inputs brought in to provide them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Define added value (second definition)

A

It’s the difference between the price of the product and the cost of the raw materials

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

2 ways in which a business can increase its added value

A
  1. Reduce COP
    - reduce waste
    - best price for supplies
    - ensuring mistakes aren’t made
  2. Increase the perceived benefits in customer’s eyes
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Define brand

A

It’s the name, design, logo, or symbol that makes the product recognizable and easy to differentiate from competition in the customer’s eyes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Define market forces

A

Forces of demand and supply which determine the price of the product and the quantity demanded and supplied in the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Define opportunity cost

A

Measures the sacrifice for choosing one option in terms of the next best alternative forgone

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What 3 main impacts can external factors have on a business

A
  1. Demand for products
  2. Cost and availability of inputs
  3. Nature of transformation process
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What does a business need to succeed?

A
  1. Organized: helps you complete tasks and stay on top of things to be done
  2. Keep detailed records: know where the business stands financially and what potential challenges you could be facing (gives you time to create strategies to overcome the obstacles)
  3. Analyse competition: study and learn from your competitors
    4.Take risks: allows you to gain experiences and knowledge
  4. Understand risks and rewards: always calculate the positive and negative sides to a decision and weigh them
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Why many businesses fail early on?

A
  • They stop being competitive
  • High COP
  • Individual doesn’t have enough knowledge on businesses
  • Less market power
  • Poor staff motivation/training
  • Poor management
  • Change in external environment
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Define local businesses

A
  • Operates within specific geographic area
  • Serves small customer base
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Define national businesses

A
  • Operates across the country
  • Serves larger customer base
  • Potentially multiple locations
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Define international businesses

A
  • Operates across the world/multiple countries
  • Focuses on exporting goods and services to foreign markets
17
Q

Define multinational businesses

A
  • Business has a presence in multiple markets
  • They have operations and management teams in multiple locations
18
Q

Define an entrepreneur

A

Someone who is willing to take risks in order to start up a new business or project

19
Q

Enterprise

A

The skill needed to make a new idea work, such as creativity

20
Q

Define business enterprise

A

An organization that offers goods and services for the motive of generating a profit

21
Q

What are the qualities of an entrepreneur?

A
  • risk taker
  • self-confident
  • all-rounded
  • innovative
  • hardworking
  • has a vision
  • leadership skills
22
Q

Define intrapreneurs

A

People who develop new ideas like entrepreneurs within an already established business

23
Q

What are the barriers to entrepreneurship?

A
  • The individual may not have enough financial start-up costs/money
  • Country may not favor entrepreneurs
  • Entrepreneurs failing may not be seen as socially accepted
  • Many regulations involved in setting up a business can be discouraging for people
  • Governments may prefer to have their own state provision and won’t encourage entrepreneurs with their ventures
24
Q

Why do governments like entrepreneurs?

A
  • Keeps unemployment low in economy
  • competition creates more goods and services in market which provides more choice for consumers
  • creates jobs
  • earns money and pays taxes
25
Q

How can governments help entrepreneurs?

A
  • Offer advice and information to help business get started
  • Funding for initial start-up costs
  • Legal protection for new ideas
26
Q

What is a business plan?

A

It’s a document that outlines a company’s business activities and the strategies for achieving its goals while anticipating opportunities and threats

Business AS studies (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions