EMS - Entrepreneurship Flashcards
: What is an entrepreneur?
People that start businesses and work for themselves.
What is the act of starting a business called?
Entrepreneurship.
List three characteristics of entrepreneurs.
They use initiative and creativity to turn ideas into reality,
take calculated risks, and
identify problems in their area to provide solutions.
What are characteristics?
Specific qualities a person has.
Define “viable”.
Something that has potential to be successful.
List the three groups: Work for others, Work for themselves, Unemployed in order of greatest to smallest in South Africa.
Answer: 1) Work for others 2) Unemployed 3) Work for themselves.
Why are entrepreneurs important for South Africa?
Entrepreneurs reduce unemployment by employing people. Without entrepreneurs to pay taxes, the government couldn’t employ people
List three qualities that make entrepreneurs successful.
Prepared to take calculated risks;
believe in themselves;
have determination or will to succeed;
What does production mean?
Creating utilities, which are useful goods and services to satisfy consumer demand.
What decisions do entrepreneurs make when wanting to produce goods?
Decide what to produce,
how to produce it,
and for whom to produce.
What is the public sector?
Part of the economy made up of government and government-owned businesses.
What is specialization? Or when a business specializes?
To focus on producing only one type of product.
Define “surplus”.
An amount that is extra or more than needed.
What do entrepreneurs combine to make a profit?
Labour, Resources, Capital, and Entrepreneurship.
Where do entrepreneurial actions of buying and selling take place?
: In markets, which can be specific places or online platforms.
What are the three main types of businesses in the economy?
Retail, Manufacturing, and Services.
What is the significance of markets in entrepreneurial actions?
Markets make the exchange of goods and services possible by bringing buyers and sellers into contact.
What is the economic action of buying and selling also referred to as? Apart from the term ‘bartering’.
Exchange.
Describe the term ‘bartering’.
Bartering refers to the direct exchange of goods or services without the use of money.
Can a market refer to those buyers and sellers who influence the price of a good or service?
Yes.
Do buyers and sellers always need face-to-face contact in a market?
No, business can be done via telephone, email, or online platforms where buyers and sellers do not have face-to-face contact.
What are the three main types of businesses in the economy?
Retail, Manufacturing, and Services.
What do we mean when we say a business combines types of businesses?
What do we mean when we say a business combines types of businesses?
Give an example of a combined business type.
A lady who sews clothes (manufacturing) and also sells those clothes (retail).
Define the word ‘Specialise’ in the context of production.
To focus on producing only one type of product or service that one is particularly skilled or efficient in.
Why is it important for producers to produce a surplus of their goods or services?
To sell the surplus to consumers in the market for goods and services, which helps in generating profit and catering to a larger audience.
Explain the term ‘Utilities’ in the context of production.
Utilities refer to the useful goods and services provided by entrepreneurs to satisfy consumer demand.
In the context of a business, if the income is greater than costs, what is it indicative of?
The business is making a profit.
How do markets facilitate the process of buying and selling?
Markets bring buyers and sellers into contact, allowing for the exchange of goods and services.
What is the primary role of an entrepreneur in terms of production?
Starting the business, making important decisions, and managing the business.
Describe the concept of ‘Demand’ in the context of goods and services.
Demand refers to how much consumers are willing and able to buy of a particular good or service at a given price.
What do you mean by the public sector in the economy?
The part of the economy that is made up of government and government-owned businesses.
