Topic One, Part 1 - Entrepreneurs Flashcards
What is an enterprise?
Another term for a ‘business’
What is an entrepreneur?
The person responsible for the business idea
What are 3 characteristics of an entrepreneur?
- leadership
- Risk-taker
- Confidence
How do entrepreneurs help the local community?
Provide jobs
How do entrepreneurs increase import/export rates?
Suppliers receive more orders
How do entrepreneurs help the government?
Pay tax
What schemes are in place to help entrepreneurs?
The Prince’s Trust gives out grants and free advice
What are the four factors of production?
- Land
- labour
- capital
- enterprise
What is land as a factor of production?
Land used for business purposes, including natural resources
What is labour as a factor of production?
Human resources available
What is capital as a factor of production?
Assets used in production
What is Enterprise as a factor of production?
The entrepreneur that organises other factors
