1.1 Enterprise Definitions Flashcards

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Enterprise

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Is the skill needed to make a new idea work.

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Business objectives

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

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Transformation process

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Involves converting inputs into outputs.

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Factors of production

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

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Primary sector

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First stage of production and includes extracting or growing resources.

E.g. mining, fishing

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Adding value

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

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Brand

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

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Market forces

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

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Opportunity cost

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

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Entrepreneur

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