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Enterprise

Introduction to Enterprise

QuestionAnswer
Entrepreneur Person who is prepared to take the risk and invest in a business to facilitate to a gap in the market.
Commodity Goods and services available for sale
Revenue Income earned from carrying out the activities of a firm.
Resources All things used in producing goods and services
Factors of Production Resources needed for production which are land, labour, capital and management
Land All natural resources
Capital Man made resources
Labour Productive work (especially physical work done for wages)
Organising all the other resources in order to achieve set goals Management
Efficiency The absence of waste in production
Created by: 1589870055
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