Business Alevel Unit 1.1 Enterprise KEY TERMS

What is an 'entrepreneur'?

•  An individual consumer or organization that purchases goods or services from a business.

•  An individual who has the idea for a new business, starts it up and carries most of the risks but benefits from the rewards.

• The resources needed by business to produce goods or services.

•  The process of differentiating  a product by developing a symbol,  name, image or trademark for it.

What is a 'customer'?

• The resources needed by business to produce goods or services.

•  An individual who purchases goods and services for personal use.

•  An individual consumer or organization that purchases goods or services from a business.

• A business organization that has its headquarters in one country, but with operating branches, factories and assembly plants in other countries.

What is a 'consumer'?

• The physical and tangible goods sold to Consumers that are not intended for resale.

• An individual who purchases goods and services for personal use.

•  An individual consumer or organization that purchases goods or services from a business.

What is 'consumer goods'?

• The physical and tangible goods sold to Consumers that are not intended for resale. 

•  the non-tanigible products sold to consumers that are not intended for resale.

•  An individual who purchases goods and services for personal use.

What is 'consumer services'?

•  the non-tanigible products sold to consumers that are not intended for resale.

•  The physical and tangible goods sold to Consumers that are not intended for resale. 

•  An individual consumer or organization that purchases goods or services from a business.

What is 'factors of production'?

•  The resources needed by business to produce goods or services.

• The physical goods used by industry to aid in the production of goods and services; such as machines. 

• The action of showing initiative to take the risks to start up a business

What is 'Capital Goods'?

•  the next most desired option that is given up.

• The action of showing initiative to take the risks to start up a business

• The physical goods used by industry to aid in the production of goods and services; such as machines. 

What is 'enterprise'?

• The action of showing initiative to take the risks to start up a business

•  Increasing the difference between the cost of bought-in inputs and the selling price of the finished goods.

•  An individual who purchases goods and services for personal use.

What is 'adding value'?

•  Increasing the difference between the cost of bought-in inputs and the selling price of the finished goods.

•  The difference between the cost of bought-in inputs and the selling price of the finished goods.

• The process of differentiating  a product by developing a symbol,  name, image or trademark for it.

What is 'added value'?

•  Increasing the difference between the cost of bought-in inputs and the selling price of the finished goods.

•  The difference between the cost of bought-in inputs and the selling price of the finished goods.

• The process of differentiating  a product by developing a symbol,  name, image or trademark for it.