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WorksheetsEntrepreneurship and the associated benefits
Total questions: 11
Worksheet time: 6mins
Which of the following is an economic benefit of enterprise?
Established businesses are replaced
Decreased living costs
Increased community spirit
Increased consumer spending
What does innovative mean?
New and original
Tried and tested
Traditional and trusted
Unoriginal and used
List three examples of innovative technology that we use every day.
Electricity, Smart phones, Computers, The laser, Hybrid cars (any three)
Stone tools, Wooden wheels, Clay pots, Animal carts, Fire (any three)
Typewriters, Candles, Horse-drawn carriages, Abacuses, Sundials (any three)
Quill pens, Oil lamps, Hand-cranked telephones, Morse code, Steam engines (any three)
Identify two qualities of an entrepreneur.
Hardworking, organised, innovative, willing to take a risk (any two)
Lazy, disorganised, fearful, resistant to change
Unmotivated, careless, risk-averse, uncreative
Irresponsible, unambitious, inflexible, pessimistic
Outline two benefits to the economy of new businesses opening.
It stimulates new employment, which then results in the acceleration of economic development.
It leads to a decrease in consumer spending and economic stagnation.
It causes a reduction in innovation and technological advancement.
It results in fewer job opportunities and higher unemployment rates.
Identify two benefits to society resulting from enterprise and entrepreneurship.
Job creation and economic growth
Increased pollution and unemployment
Decreased innovation and less competition
Higher taxes and reduced services
Benefits associated with entrepreneurship:
new businesses are developed, economic growth takes place, better employment opportunities are available, increased customer choice for services and products, improved business performance and choice
increased government control, reduced innovation, limited market access, decreased competition
higher unemployment rates, reduced consumer choice, lower economic growth, fewer business opportunities
decreased business performance, less customer satisfaction, fewer products and services, stagnant economy
Outline the definition of enterprise:
A project, a willingness to take on a new project, an undertaking or business venture.
A type of government organization.
A method of scientific research.
A form of physical exercise.
Outline how product innovation takes place:
Product innovation is achieving an improvement on existing products, though creating a true invention also happens.
Product innovation is only about reducing the price of existing products.
Product innovation means copying competitors' products without any changes.
Product innovation is focused solely on marketing strategies, not on the product itself.
Outline the meaning of economic growth:
Economic growth – measured as an increase of people's real income – means that the ratio between people's income and the prices of what they can buy is increasing: goods and services become more affordable, people become less poor.
Economic growth means a decrease in the production of goods and services over time.
Economic growth refers to a reduction in the population's access to goods and services.
Economic growth is when the prices of goods and services rise faster than people's incomes.
Outline the difference between a customer and a consumer:
Customer is the one who is purchasing the goods. Consumer is the one who is the end user of any goods or services.
Customer is always the end user, while consumer is the one who sells the goods.
Customer and consumer are always the same person in every transaction.
Consumer is the one who purchases goods for resale, while customer is the one who uses them.
