a level guide

Question 1

explain what is meant by an entrepeneur and by entrepise

Answer 1

an entrepreneur is a risk taker who sets up a business and will hav e wanted to always set up their own business and a enterprise refers to the actions of a risk taker

Question 2

explain what is meant by the factors of production: land, labour, capital and enterprise

Answer 2

factors of production is the idea that using resources a business can produce the products that consumers want to buy.

-land is natural resources
-labour is all of the human resources
-capital is the money
-enterprise is the entrepreneur who organsies the other 3 factors
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Question 3

evaluate the impact and importance of the availability of factors of production for the stakeholders of a business

Answer 3

their essential imputs of a firm and their availability can affect a business and it’s stakeholders.

if there is a shortage of a factor it’s price will rise and the factors price is a cost to the business and any rise in factor costs is not going to be welcome since it potentially reduces profit margins.

Question 4

evalaute the impact on and the importance to the economy of entrepreneurship and enterprise

Answer 4

it is significant. entrepreneurship drives innvoation and creates job opportunities and fosters economic growth. entrepreneurs bring new ideas to the market which lead to the development of new industries and the expansion of existing ones.

Question 5

explain the role of the entrepreneur in making