Key terms Flashcards

(18 cards)

1
Q

Define Entrepreneur

A

An entrepreneur is a person that sets up a business and takes risks with the intent of making a profit.

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2
Q

Define Enterprize

A

A company/business or a business endeavour/project of a bold and complex nature.

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3
Q

Define Factors of production

A

Factors of production are the inputs of a business which produce the outputs of services or goods

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4
Q

Name the four factors of production

A

Land
Capital
Labour
Enterprise

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5
Q

Why do businesses need land?

A

businesses need land on which to make their product or service and to distribute it on.

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6
Q

Why do businesses need labour

A

To manufacture the good or to carry out the service

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7
Q

Added value

A

the difference in cost between producing the product and selling the product.

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8
Q

What other factors affect added value

A

Quality, Brand name, target market, celebrity endorsement etc

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9
Q

Define Capital

A

Assets within a business, such as factories and equipment

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10
Q

Define Revenue

A

Selling price x Units sold

Revenue is the money generated for selling a good or service before deducting expenditures

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11
Q

Stakeholder (Not to be mistaken with SHAREholder)

A

Individuals or group of individuals who are interested in the decision of the business because it has some impact on them.

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12
Q

Name a few stakeholders

A

customers, investors, employees, competitors

often situational

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13
Q

Define constrainsts

A

a restraining factor of a business

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14
Q

What are the business sectors?

Triple P, S, double T

A
Primary
Secondary
Tertiary
Third
Public
Private
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15
Q

Chain of production

A

Stages a product must go through until it reaches it’s final customer

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16
Q

Describe the Primary Sector

A

(6% of the UK’s output)
Extractive services
Agriculture, fishing, mining, oil and gas extraction

17
Q

Describe the Secondary Sector

A

(14% of UK’s output)

Manufacturing, the conversion of raw materials into products whether finished or semi finished.

18
Q

Describe the `Tertiary Sector

A

(80% of Uk Output)