Introduction to Business: Enterprise

Question 1

Entrepreneur

Answer 1

A individual that sets up and runs a business by themselves. They have unlimited liability

Question 2

Enterprise

Answer 2

The process in which a businesses are formed in order to offer products and services in a market

Question 3

The 4 factors of production

Answer 3

Land, Labour, Capital & Enterprise

Question 4

Land

Answer 4

Agricultural land / commercial real estate / natural resources.

Question 5

Labour

Answer 5

The effort from a individual to bring a product or service into the market.

Question 6

Capital

Answer 6

The machinery used to produce a product.

Question 7

Enterprise

Answer 7

The process of bringing all of the factors of production together, take a risk in return for profit

Question 8

What is the impact and importance of the availability of factors of production for the stakeholders of a business?

Question 9

What is the impact on and the importance to the economy of entrepreneurship and enterprise?

Question 10

What is the role of the entrepreneur in making business decisions?

Question 11

What is the impact and importance of entrepreneurial activity for the stakeholders of a business.