1.1.1 - The Dynamic Nature of Business

Question 1

Enterprise:

Answer 1

entrepreneurial activity (can also mean business or company)

Question 2

Entrepreneur:

Answer 2

Entrepreneur: someone who creates a business, taking on financial risks with the aim of making a profit from the business

Question 3

Consumer:

Answer 3

someone who buys and uses goods and services

Question 4

Obsolete:

Answer 4

Out of date or not used anymore

Question 5

E-commerce:

Answer 5

using the internet to carry out business transactions

Question 6

M-Commerce:

Answer 6

M-Commerce: using mobile technologies, such as smartphones and tablets, to carry out business transactions

Question 7

Social Media:

Answer 7

websites that allow users to interact with other users, by sharing text based messages, pictures or links to online content

Question 8

Payment platforms:

Answer 8

Enable businesses to take online payments from customers. They are usually free for the customer to use, but take a small amount of commission from the seller.

Question 9

Marketplace:

Answer 9

The activities involved in buying and selling services, in competition with other companies

Question 10

Data:

Answer 10

information, particularly statistics that can be collected and analysed

Question 11

Demographic:

Answer 11

relating to the population, such as average age, average income and so on

Question 12

Need:

Answer 12

The products or services people need to make life comfortable

Question 13

Want:

Answer 13

Want: What people choose to spend money on , once the weekly bills have been paid (rent, water, food)

Question 14

Good:

Answer 14

Good: Products that may be fresh, such as apples, or manufactured, such as Heinz beans. They are tangible.

Question 15

Service:

Answer 15

Service: Providing useful ways to help people live their lives, for example shops, restaurants and hospitals.

Question 16

Venture capital:

Answer 16

Risk capital provided by an investor willing to take a risk in return for a share in any later profits; the venture capital

Question 17

Demand:

Answer 17

The number of units that customers want – and can afford – to buy

Question 18

Adapted Products:

Answer 18

Adapted Products: Finding new products based on the original one, such as Wall’s White Chocolate Magnum

Question 19

Original idea:

Answer 19

Ideas that have not been done before

Question 20

Competitive advantage:

Answer 20

A feature of a business that helps it to succeed against rivals