Enterprise Word Scramble
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| Question | Answer |
| Define enterprise | The factor of production that organises other factors of production i order to produce a good or service and takes all the risk in order to make a profit |
| What is the return on enterprise? | Profit/loss |
| How is enterprise different from other factors of production? | It can earn a loss. Returns can vary. Return is residual. |
| Name two kinds of risks | Insurable and non insurable |
| Name 4 kinds of profit. | Normal, supernormal, implicit, and explicit. |
| Name 8 reasons profit is important | Risk taking. Indicates best use of resources. Encourages investment. Provide funds for expansion. Continuity of production. Rewards inovation. Provides the government with revenue. Promotes mergers/take overs. |
| Name 7 reasons entrepreneurs are important | Create employment. Organise production. Decide prices. Encourage investment. Provide investment outlet. Generate gov. revenue. Create wealth in country. |
| Define rent of ability | The SNP earned by an entrepreneur due to their innate talent |
Created by:
JackEatonK98
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