Business Choices (1.5.5)

Question 1

What is a Trade Off?

Answer 1

When two outcomes cant be achieved at the same time as more of one thing leads to less of another.

Question 2

What limits a trade off? (4 Factors)

Answer 2

-Time
-Money
-resources
-Skills/ Experience

Question 3

What’s the main problem of a Trade Off?

Answer 3

Could be something unethical so you may have a moral dilemma. e.g. harming the environment because its cheaper and easier. This could affect a businesses brand image.

Question 4

What is Opportunity Cost?

Answer 4

The value of the next best alterative you give up when you make a decision. If you want more of Thing A the next best alternative is the amount of Thing B that is given up

Question 5

What are the main Skills for being an entrepreneur? (8 Factors)

Answer 5

-People Management
-Discipline
-Motivation
-Delegation
-Responsibility
-Decision-making
-Risk-Taking
-Organization