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Business GCSE > 1.1 The Role Of Business Enterprise Amd Entrepreneurship > Flashcards

1.1 The Role Of Business Enterprise Amd Entrepreneurship Flashcards

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1
Q

What is a business?

A

A business is an organisation which makes goods or provides a service

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2
Q

What are business goods?

A

Tangible products produced by a business

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3
Q

What are business services?

A

Intangible goods produced by business

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4
Q

What are basic needs?

A

Food, warmth, shelter, water

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5
Q

What are wants?

A

Luxury items, phones, laptops

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6
Q

What are the 4 factors of production?

A

Land, labour, capital and enterprise

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7
Q

What is land in the factors if business?

A

Natural resources

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8
Q

What is labour in the factors of business?

A

All mental and physical human effort

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9
Q

What is capital in the factors of business?

A

Manufactured goods/service and money

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10
Q

What is enterprise in the factors of business?

A

An entrepreneur is someone who organises the other 3 factors of production

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11
Q

What is the private sector?

A

Businesses that are owned and co trolled privately and aim to make a profit

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12
Q

What is the public sector?

A

-An organisation owned and controlled by the government and don’t make a profit
- Their main aim is to provide a good service and they are paid through taxes

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13
Q

What are the four main characteristics of an entrepreneur?

A

Creativity, risk taking, determination and courage

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14
Q

What is an entrepreneur?

A

Someone who runs, owns, and controls their own business.

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15
Q

Financial drawback for risk taking?

A

Life savings that are put into the business can be lost

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16
Q

Health drawback for risk taking?

A

The strain of being in charge or keeping up success can affect a person’s health

17
Q

Strained relationships drawback for risk taking?

A

Risk taking can be time consuming and take a toll on the entrepreneurs mental health

18
Q

Financial reward for risk taking

A

You can make a lot of money

19
Q

Independence reward for risk taking

A

You get to be your own boss and feel independent

20
Q

Self-satisfaction reward for risk taking

A

A business may develop out of making your ideas work

21
Q

Changing customer habits reward for risk taking

A

Some entrepreneurs are rewarded by persuading buyers to change their buying habits

Business GCSE (1 decks)

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