1.1.3 The Role of Business Enterprise Flashcards
1
Q
What is one way to produce goods or a service
A
Land – somewhere to produce the goods
2
Q
What is one way to meet customer needs
A
Fast, efficient and accurate service
3
Q
What is added value
A
Added value – the difference between what a business pays its suppliers, and the price it is able to charge for its product or service
4
Q
How do you add value
A
Design, USP, Quality, Branding and Convenience
5
Q
How can an entrepreneur organise resource
A
An entrepreneur develops a business idea and then hires and organises the factors of production to carry out the business activity
6
Q
What is a risk for an entrepreneur for starting a new business
A
There is no guarantee that the final product or service will be sold
