Unit 1 Business Management - Identifying Business opportunities

A business opportunity is only about having an idea...

• false

• true

An opportunity is set of circumstances that a person can perceive as

• a way to make money

• a way to gett rich quick

• an avenue to success

Victa lawn mower, Esky, Stump camera, and speedo swimwear are all.....

• things we use during summer

• things we have at home

• things invented overseas

• things invented in Australia

The process of creating a new or significantly improved good, service or process is called

• invention

• innovation

• inventing

• invented

Invention refers to the development of

• an existing idea/product/process

• an existing product/process/idea

• a totally new idea/product/process

• the alteration of out of date ideas/products/processes

If you are willing to take a risk of starting and operating a business you show.......

• risk taking characteristics

• entrepreneusim

• enterpreneurship

• enthusiasm

The term for a place where buyers and sellers interact to trade goods and services is called a ....

• shop

• market

• store

• a place of exchange

R & D stands for

• researched and developed

• researching and developing

• researching and development

• research and development

The application of knowledge that has changed people's lives and changed the way businesses operate is called

• Technical development

• Technological development

• Technology developing

• Technology developed

Goods and services exchanged between businesses and customers across the world is best described as.....

• globalisation

• globalised markets

• foreign markets

• global markets