Enterprise - AS Business

What are the four factors of production?

• Land, labour capital, money

• Capital, labour, enterprise, innovation

• Land, labour, capital, enterprise

• capital, goods, services, added value

What is added value?

• increasing the difference between the cost of the raw materials and the price of the finished goods

• the difference between the cost of the raw materials and the price of the finished goods

• when a business adds on a larger price because they have increased the quality of the materials

• when an employee performs well in their job and increases efficiency

What is the opportunity cost?

• the benefit of the next most desired option which is given up

• the addition of another option to the choice that the entrepreneur has

• the opportunity given to the entrepreneur in their industry

• the cost a business needs to pay for an investment

Which of these is NOT a characteristic of an entrepreneur

• Multi-skilled

• Inflexible

• Innovative

• Leadership

What is NOT a major challenge faced by an entrepreneur?

• Competition

• Sourcing capital

• Finding employees

• Building a customer base

What is the triple bottom line?

• Economic, social and environmental objectives

• Economic, social and political objectives

• Social, environmental and legal objectives

• Environmental, economic and technological objectives

What does increased social cohesion lead to, as part of the impact of an enterprise on a country's economy?

• Increased innovation

• Lower survival of businesses

• Lower unemployment

• Economic slow down