GCSE Business 9-1: Theme 1: Investigating Small Business - 1.1 Enterprise and Entrepreneurship – Knowledge Test 1 Revision notes. Flashcards
What is a good?
Physical objects that a business sells to its customers
What is a service?
Non-physical products: activities that a business carries out for its customers
What is a product?
A good or service
What is a consumer durable product?
Goods that last for several years and are used a large number of times
What is a single use product?
Goods or services that are only used once
What is a need?
They are essential for survival: food, water, shelter, clothing and warmth
What is a want?
They are not essential for survival, but we like to have them
What is an entrepreneur?
Someone who is willing to take the risk of setting up his/her own business
What are the key skills of entrepreneurs?
Resilient, risk taking, determination, initiative, dedicated
What is an enterprise?
The willingness to take risks, show initiative and take on new ventures
What is a consumer?
Someone who buys and uses goods and services.
What is a start-up?
A new business, usually with only a small number of employees – perhaps only one.
Types of risks
Business failure, financial loss, lack of security
Types of rewards
Business success, profit, independence
Why business deals come about
Advances in technology, changes in what customers wants, products and services becoming obsolete
