Chapter 3 Flashcards
1
Q
Define the term entrepreneur
A
A person that organises and operates the factors of production and takes the risk for a new business venture.
2
Q
Define the term business plan
A
A document containing the business objectives and important details about operations, finance and owners of the business.
3
Q
Define the term capital employed
A
The total value of capital used in the business.
4
Q
Define the term internal growth
A
When a business expands its existing operations.
5
Q
Define the term external growth
A
When a business takes over or merges with another business.
