it is used to describe how a free market economy undergoes periods of dynamic technological innovation
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Creative destruction definition Page 7
occurs when some businesses innovate in order to produce,new,cheaper products.
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Entrepreneur page 7
Can be briefly defined as someone who organises a business venture and is responsible for the risks involved.
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Added value page 8
Is the difference between the price of the finished good or service and the material inputs involved in making it.
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Profit page 8
Is the difference between sales revenue and costs.
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Ethical stance page 9
An increasing number of entrepreneurs want to do the right thing.The business focuses on enivormental products.
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Independence page 9
Being your own boss.Being able to achieve a dream may be rewarding enough for taking on risks.
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Home working page 9
Many people now choose to start their own business or become self-employed.This saves time and money.
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Land page 9
Is anything that can be classed as a natural resource,including raw materials.
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Labour page 9
Is the human input in both physical and mental terms.This includes employees and managers.
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Capital.page 9
Includes equipment used in the production process ranging from simple tools to complex.
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Enterprise. Page 7
Is the creative spark that organises and combines the first three factors of production.
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Factors of production are?page 9
The central economic problem of scarcity arises because of unlimited wants and limited resources,these finite resources are commonly grouped into four categories.
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Social entrepreneurship. page 9
Social entreprenuers use their entrepreneurial skills to achieve benefits for society.The main aim is to further social goals.
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What are entrepreneurs responsible for? page 8
They are responsible for putting business ideas into practice.They must plan and organise resources needed.
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Other cards in this set
Card 2
Front
occurs when some businesses innovate in order to produce,new,cheaper products.
Back
Creative destruction definition Page 7
Card 3
Front
Can be briefly defined as someone who organises a business venture and is responsible for the risks involved.
Back
Card 4
Front
Is the difference between the price of the finished good or service and the material inputs involved in making it.
Back
Card 5
Front
Is the difference between sales revenue and costs.
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