Unit 1.1 Flashcards
What does it means to be enterprising?
1)make a succesful business idea
2) be able to take risk
3) have the ability to solve problems
4)Be wise at decision making
What are the four business resources?
Capital
Enterprise
Land
Labour
Who provides land?
Landlords
Capitalists provide ______
Capital
Who provides enterprise?
Entrepreneurs
Who provides Labour?
Employees
Why does the government encourage enterprise?
CREATES EMPLOYMENT
More taxes which can be spent on schools and hospitals
Less money to be spend on unemployment benifits
What are people risking when staring a business?
1) Time
2) Reputation
3) Health
4)Money
Rewards of Business
1) Success
2) Job Satisfaction
3)Freedom
4) Independence
Why do businesses start?
An entrepreneurs thinks he has a successful business idea and thinks he will succeed in the market
What is Capital?
used to purchase non-current assets such as land, machinery
Used to invest in the business
“Wealth employed in creation of further wealth”
What is Labour?
Workers who manufacture products
What is Land?
A plot of land used to build business premises
