Introduction To Business :Enterprise

Question 1

Explain what is meant by an entrepreneur and enterprise

Answer 1

Entrepreneur - someone who has the initiative to exploit a gap in a market

Enterprise - is simply another name for a business

Question 2

What is meant by the 4 stages of production

Answer 2

Land: natural resources available for production

Labour: the human input into the production process

Capital: goods used in the supply of other products

Enterprise: entrepreneurs organise factors of production and take risks

Question 3

Explain the role of the entrepeneur in making business decisions

Answer 3

Depending on their position in the business will depend on how they make decisions if they remain in charge they are likely to make all the business decisions