Business GCSE 1.1 Flashcards
Enterprise and entrepreneurship
What are goods?
Tangible products we touch
What are services Services
Things we buy to experience
What is a competitive environment?
And external environment a business operates and competes
What is a direct competitor
Another business that provides similar products
What is an indirect competitor
A different product a customer might choose
What is the dynamic environment
It is the need and wants of customers changing overtime and marketplace evolving
What is scarcity
The struggle between limited wants and unlimited resources
What is the opportunity cost
Loss of alternatives when 1 option chosen
What is an entrepreneur
Some who risks starting a business due to identifying a business soportunity from recognizing a need or demand in customers. Recognizing gap in the market & develop USP
How can a business add value
By customer convenience, service and having a respected brand name
What is specializing and who is it used la for a business?
It means focusing on particular activity. This may help the business gain a competitive advantage and associate brand with particular activity. This will increase production due to the business being more efficient and effective
What are the advantages to larger businesses
They can benefit from economies sales and lower prices. They are multinational
risk for entrepreneur starting business(4)
-lack of security
- financial loss(own saving&loans)
-lose income
-long work hours
-business failure
Rewards for a bussines(4)
Value independence(own boss)
-profits of bussines cause income
-self determination
-more flexible hours
What are social enterprises?
Businesses that put social and environmental aims and objectives above financial ones
-improve lives
-provide employment
-Allie boat social problem
[non profitable]
