Business and Industry

Question 1

what is innovation?

Answer 1

Innovation is the process of significantly new or improved ideas/resources.

Question 2

how do businesses seek to create and maintain a competitive advantage?

Answer 2

businesses maintain a competitive advantage by staying up with their competitors, lowering costs, watching global trends and fulfilling a social or market need.

Question 3

what are the benefits of innovation to the economy?

Answer 3

It’s contribution to economic growth. Increased competitiveness, lower costs and new partnerships/relations.

Question 4

benefits of competitive advantage to the community?

Answer 4

higher prices, more customers, brand loyalty, best technologies at lowest possible costs.

Question 5

ways competitive advantage is achieved?

Answer 5

• offering lower costs.
• through innovation.
• research and development.
• advertising and marketing.
• increased productivity.

Question 6

benefits competitive advantage provides a business.

Answer 6

being 2 steps ahead of your competitors and selling new or improved goods/services at a cheaper price.

Question 7

types of enterprising behaviours.

Answer 7

• decision making.
• strategic thinking.
• prioritisation.
• innovative and original thinking.

Question 8

types of business environment concepts.

Answer 8

internal or external force which has an effect on the functioning of a business in a positive or negative way.

Question 9

business environment concept (describe)

Answer 9

factors like customers, competitors, and social, political, legal conditions.

Question 10

key concepts of business enviroment.

Answer 10

people who are willing to take risks if it means to make a profit.

Question 11

types of business enviroment skills.

Answer 11

teamworking skills
management skills
leadership skills
customer service skills
financial skills

Question 12

advantages of internal finance

Answer 12

no set repayment dates and no interest charges.

Question 12

advantages of internal finance

Answer 12

no set repayment dates and no interest charges.

Question 13

disadvantages of internal finance.

Answer 13

amount owner can invest is limited to the amount of savings he has.

Question 14

advantages/disadvantages of external finance.

Answer 14

purchase property fast

Question 15

cost benefit anaylisis purpose.

Answer 15

whether to go with a decision and agree or forgo a decision.

Question 16

define gig and share economy.

Answer 16

A sharing economy refers to an economy based on the sharing,
acquiring and providing goods and services through the
facilitation of an online platform. On the other hand, a gig
economy refers to is an economy characterized by flexible and
temporary jobs involving freelancers and independent
contractors.