1c Sources of business opportunity part 2

Question 1

What are 3 types of business opportunities?

Answer 1

Global markets
Research and development
Technological development

Question 2

What does Global markets mean?

Answer 2

Areas across the world in which businesses trade goods and services.

Question 3

What does Research and Development mean?

Answer 3

Taking an idea, and then making it to sell.

other words - Idea, Gather info, analyse cost benefits,, create & test product/s, launch product/s.

Question 4

What does Technological Development mean?

Answer 4

invention and innovation of tools that solve problems and enhance processes.

Question 5

Meaning of Domestic?

Answer 5

Within a particular country.

Question 6

Meaning of Globalisation?

Answer 6

Increased trade, communication and travel movement between countries due to decreased trade barriers.

Question 7

Meaning of Market Share?

Answer 7

the proportion of sales a business makes in their industry.