Progress Check 2

Question 1

What does it mean to ‘spot a gap in the market’?

Answer 1

To come up with an unique idea that is not already on the market in the form of a product or service

Question 2

What is a ‘source of help & advice’?

Answer 2

An organisation that helps with giving advice to small businesses; e.g. a bank - financial advice

Question 3

What is Princes trust

Answer 3

it is an organisation that helps young people with starting up businesses/ getting job qualifications and also life skills

Question 4

What is the cycle of business

Answer 4

The cycle of business demonstrates the recurring trends in economic growth that economies often experience

Question 5

what are the 4 stages in the cycle of business

Answer 5

1 - Business produces service/good
2 - Consumers buy to get satisfaction
3 - Wealth is created and split between employees
4 - People have money to spend from wages and want more stuff