Front

Enterprise

Back

Is the skill needed to make a new idea work.

Front

Business objectives

Back

Measurable targets set by the business, such as sales or profits that have yet to be achieved within a given time period.

Front

Transformation process

Back

Involves converting inputs into outputs.

Front

Factors of production

Back

Inputs into the transformational process of a business namely land, labor, capital, and enterprise.

Front

Primary sector

Back

First stage of production and includes extracting or growing resources.

E.g. mining, fishing

Front

Adding value

Back

Occurs in a transformation process when outputs are produced that are worth more than the inputs brought in to provide them.

Front

Brand

Back

A name, design, logo or symbol that makes a product recognisable and distinguishes it from the competition in the eyes of the customer.

Front

Market forces

Back

Forces of supply and demand which determine the price of a product and the quantity bought and sold in a market.

Front

Opportunity cost

Back

Measures the sacrifice made by choosing one option in terms of the next best alternative foregone.

Front

Entrepreneur

Back

An individual who takes the risk to create and run a new business.