Enterprise, Business And The Economy

Question 1

who created Creative Destruction

Answer 1

Joseph Schumpter

Question 2

What is an entrepreneur?

Answer 2

Someone who organises business ventures and is responsible for the risks taken

Question 3

what is added value?

Answer 3

The difference between the price of finished products and the cost of material inputs for it

Question 4

name 4 entrepreneurial motives

Answer 4

ethical stance, social entrepreneurship, independence and home working

Question 5

what is SPICED

Answer 5

Stronger pound= imports cheaper, exports dearer

Question 6

what is direct tax

Answer 6

levied on earnings

Question 7

what is indirect tax

Answer 7

Effects on goods/ services

Question 8

what is unemployment

Answer 8

the number of people willing and able to work but cannot find paying jobs

Question 9

name the factors of production

Answer 9

Capital, enterprise, Land and Labour

Question 10

name the 2 mobilities of labour

Answer 10

Geographical and occupational

Question 11

what is labour productivity

Answer 11

the output per unit of labour