Business

Created by: Caitlin Tooke
Created on: 05-04-13 08:42

Enterprise

A business organisation that is characterised by particular goals shared by a group of people and with a responsibility for the control of its own performance. The demonstration of initiative, risk, flair, dedication and skill in a business

1 of 5

Entrepreneur

A person who organises factors of production and in so doing this shows initiative, flair, skill and risk

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Opportunity cost

Cost expressed in terms of the next best alternative sacrificed in making a decision

3 of 5

Profit

The reward for enterprise. Profit is the difference between the total revenue generated and the total costs of production

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Risk

The degree of chance of failure resulting in a loss of some sort

5 of 5

Other cards in this set

Card 2

Front

A person who organises factors of production and in so doing this shows initiative, flair, skill and risk

Back

Entrepreneur

Card 3

Front

Cost expressed in terms of the next best alternative sacrificed in making a decision

Back

Card 4

Front

The reward for enterprise. Profit is the difference between the total revenue generated and the total costs of production

Back

Card 5

Front

The degree of chance of failure resulting in a loss of some sort

Back

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