BS1- Enterprise Flashcards
Identify what is meant by key term enterprise
It’s is another word for a profit business or company
Identify what is meant by the key term entrepreneur
A person who sets up a business, taking on financial risk in the hope of profit
Identify 4 characteristics of an entrepreneur
Risk taking
Decision maker
Patien
Open minded
Explain the difference between an entrepreneur and somebody who is self employed
A entrepreneur is invested and takes risks with new opportunities where as some who is self employed uses a safer option, using existing products/ services
Describe one way that a successful entrepreneur can benefit the economy
They can creat new products which leads to more sales in a different market, boosting the economy
Describe one way that a successful entrepreneur can benefit a stakeholder of their business
They will benefit there stakeholder for example they supplier will get more work and be able to make more profit
Identify two reasons that the government is keen to encourage enterprise and entrepreneurship
They will bring money into the economy
It allows for more imports and exports leading to growing the economy
Explain what is meant by factors of production
It is how much of each input is needed to give a certain quality
State four factors of lean production
Land
Labour
Capital
Entrepreneurship
Explain what is meant by each of the four factors of production
Land- where it is based, agriculturally, comurshaly ect
Labour- what individuals bring to the table
Capital- refers to money, however money isn’t a factor
Entrepreneurship- taking the risks to move forwards
Describe one link between and entrepreneur and decision making in relation to the factors of production
The entrepreneur has to make lots of decisions and this helps make the decisions
