Chapter 1, Enterpriser and Business Functions

Question 1

Enterprise

Answer 1

A Business or Entrepreneur

Question 2

Characteristics of an Entrepreneur

Answer 2

• Energy and Enthusiasm
• Leadership skills, such as motivation and communication
• Ability to take risk
• Self Belief and confidence
• Persistence/ Drive
• Ability to work under pressure
• Creative and Imaginative

Question 3

Factors of Production

Answer 3

Inputs used in the production of goods such as:

Land, Capital, and Enterprise

Question 4

Constraints of a Business

Answer 4

• Competition
• Environment
• Legislation
• The Economy

Question 5

Functions within a Business

Answer 5

• Accounting and Finance
• Management and Production
• Marketing and Support services
• Human Resources