unit 1 : what is an enterprise Flashcards
what are needs + examples
Needs are goods or services we need to survive.
Examples include food, drink and shelter.
what are wants + examples
Wants are goods and services people or consumers desire but aren’t essential for survival.
This could be a holiday stay at a luxury hotel or a PlayStation 5.
what are 2 key feautres of an enterprise
making decisions
taking risks
examples of making decisions
the factors of production, land, labour, and capital
describe risk
the possibility that events in relation to an enterprise do not turn out as expected
4 questions when starting an enterprise
why
who
what
how
question: why?
to see if they can meet a chalenge
to be in control
to become richer as a result
question: who?
the personal qualities
entreprenurial skills and resources
will determine its success
factors of production
land - the natural resources that can be obtained
labour - skilled and unskilled workers who can work for an enterprise
capital - the finance, machinery and equipment needed for production of goods
what is an enterprise
An organisation or business managed by one or more individuals who are able to take the initiative to make decisions and take calculated risks
what is enterprising
the showing of initiative, imagination, energy and resourcefulness both at school and home
how to be enterprising at school
using communnication and numeracy skills
using technology for learning
thinking creativily and independently - a new way to approach problems often by asking questions
kearning independly and as part of a group
how to be enterprising at home
organising a household job
taking responsibility for younger children
taking responsibility for pets
earning money for the family
organising yourself
communication in different ways and different settings (written vs non written)
taking the initiative and lead
solving problems
