—------Business Cambridge AS & A Level—-------
Chapter 1 - Enterprise
Key Terms:
Entrepreneur: an individual who has the idea for a new business, starts it up
and carries most of the risks but benefits from the rewards.
Customer: an individual consumer or organisation that purchases goods or
services from a business.
Consumer: an individual who purchases goods and services for personal use.
Consumer goods: The physical and tangible goods sold to consumers that are
not intended for resale.
Consumer Services: the non-tangible products sold to consumers that are not
intended for resale.
Factors of production: the resources needed by business to produce goods or
services.
Capital Goods: the physical goods used by industry to aid in the production of
other goods and services, such as machines and commercial vehicles.
Enterprise: the action of showing initiative to take the risk to set up a business.
Branding: the process of differentiating a product by developing a symbol,
name, image, or trademark for it.
Opportunity Cost: the next most desired option that is given up.
Multinational Business: a business organisation that has its headquarters in
one country, but with operating branches, factories and assembly plants in
other countries.
Intrapreneur: a business employee who takes direct responsibility for turning
an idea into a profitable new product or business venture.
Business Plan: a written document that describes a business, its objectives, its
strategies, the market it is in and its financial forecasts.
Chapter 1 - Enterprise
Key Terms:
Entrepreneur: an individual who has the idea for a new business, starts it up
and carries most of the risks but benefits from the rewards.
Customer: an individual consumer or organisation that purchases goods or
services from a business.
Consumer: an individual who purchases goods and services for personal use.
Consumer goods: The physical and tangible goods sold to consumers that are
not intended for resale.
Consumer Services: the non-tangible products sold to consumers that are not
intended for resale.
Factors of production: the resources needed by business to produce goods or
services.
Capital Goods: the physical goods used by industry to aid in the production of
other goods and services, such as machines and commercial vehicles.
Enterprise: the action of showing initiative to take the risk to set up a business.
Branding: the process of differentiating a product by developing a symbol,
name, image, or trademark for it.
Opportunity Cost: the next most desired option that is given up.
Multinational Business: a business organisation that has its headquarters in
one country, but with operating branches, factories and assembly plants in
other countries.
Intrapreneur: a business employee who takes direct responsibility for turning
an idea into a profitable new product or business venture.
Business Plan: a written document that describes a business, its objectives, its
strategies, the market it is in and its financial forecasts.
