Chapter 1

Question 1

Enterprise

Answer 1

An idea cultivated into business proposal that has commercial viability as a product

Question 2

Patent

Answer 2

A legal process of proving you’re the first person to have registered an idea or invention

Question 3

Crowdfunding

Answer 3

When a person has an idea, and gets a community to pay them to finish that idea. The ‘crowd’ will be refunded if it works out, and may even be given some of the profit

Question 4

Crowd-funding Case Study

Answer 4

November 17th, 2010. Scott Wilson used a crowdfund to convert old iPods into touch screen watches. He needed $15,000, but instead received $1 million in a month

Question 5

Cooperative

Answer 5

When the workers own a businesss

Question 6

Advantages of a cooperative

Answer 6

More interest in business

Boosts productivity

Benefits are shared, and fair Terms and Conditions for everyone

Question 7

Disadvantages of a cooperative

Answer 7

Shared risk

High chance of corruption

Lack of secrecy/privacy

Question 8

Fairtrade

Answer 8

Partnership between those who grow the food, and those who consume it

The Fairtrade Mark means ingredients in the product have been produced by small-scale farmer organisations that meet Fairtrade standards

Question 9

Fairtrade Standards

Answer 9

Protection of workers’ rights

Fairtrade minimum price

Fairtrade Premium, allowing them to invest in businesses or community products