Chapter 1: Enterprise Flashcards

1
Q

Define consumer goods

A

Consumer goods: the physical and tangible goods sold to the general public – they include durable consumer goods, such as cars and washing machines, and non-durable consumer goods, such as food, drinks and sweets that can be used only once.

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2
Q

Define consumer services

A

Consumer services: the non-tangible products sold to the general public – they include hotel accommodation, insurance services and train journeys.

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3
Q

Define capital goods

A

Capital goods: the physical goods used by industry to aid in the production of other goods and services, such as machines and commercial vehicles.

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4
Q

Define creating value

A

Creating value: increasing the difference between the cost of purchasing bough-in materials and the price the finished goods are sold for.

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5
Q

Define opportunity cost

A

Opportunity cost: the benefit of the next most desired option which is given up.

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6
Q

Define entrepreneur

A

Entrepreneur: some one who takes the financial risk of starting and managing a new venture.

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7
Q

Define triple bottom line

A

Triple bottom line: the three objectives of social enterprises: economic, social and environmental.

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8
Q

Define social enterprise

A

Social enterprise: a business with mainly social objectives that reinvests most of its profits into benefiting society rather than maximising returns to owners.

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9
Q

Define customers

A

A customer is anyone who receives a product (good or service) from an organization

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10
Q

Define enterprise

A

An enterprise is a business or organization that uses resources to provide goods or services with the aim of making profit

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11
Q

Define adding value

A

Adding Value is when a business sell goods or services for a higher prices than the cost of bought in materials

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12
Q

Define dynamic environment

A

A dynamic environment are external factors that constantly change and affect the businesses operations

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13
Q

Define local business

A

A local business operates in small well defined parts of a country

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14
Q

Define a National business

A

A national business is a business that has branches or operations across a country

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15
Q

Define international business

A

An international business sells products in more than one country

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16
Q

Define multinational business

A

A multinational business has operations in more than one country

17
Q

Define intraprepreneur

A

An intrapreneur is an employee within an organization who demonstrates entrepreneurial characteristics

18
Q

Define business plan

A

A business plan is a written document that outlines an organizations goals, objectives and strategies

19
Q

Define a business

A

A business is an organization that uses resources to meet the needs of customers by providing a product or service that they demand