Enterprise Flashcards

1
Q

entrepreneur

A

an individual who has an idea for a new business, starts it up and carries most of the risks but benefits from the reward

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2
Q

customer

A

an individual consumer or organisation that purchases goods or services from a business

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3
Q

consumer

A

an individual who purchases goods and services for personal use

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4
Q

consumer goods

A

the physical and tangible goods sold to consumers that are not intended for resale. These include include durable consumer goods, such as cars and washing machines and non - durable consumer goods, such as food, drinks and sweets.

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5
Q

consumer services

A

the non - tangible products sold to consumers that are not intended for resale. eg. hotel accommodation, insurance services, transportation

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6
Q

factors of production

A

the resources needed by business to produce goods and services

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7
Q

capital goods

A

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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8
Q

enterprise

A

the action of showing initiative to take the risk to set up a business

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9
Q

adding value

A

increasing the difference between the costs of bought - in - materials and the selling price of the finished goods

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10
Q

added value

A

the difference between the costs of bought - in - materials and the selling price of the finished goods

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11
Q

branding

A

the process of differentiating a product by developing a symbol, name, image or trademark for it

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12
Q

opportunity cost

A

the next most desirable option that is given up

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13
Q

multinational business

A

a business organisation

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14
Q

intrapreneur

A

a business employee who takes direct responsibility for turning an idea into a profitable new product or business venture

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15
Q

business plan

A

a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts

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