Download this complete,fully solved and updated actual exam for CCEA Business Studies AS Unit 1|GUARANTEED SUCCESS
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Course
CCEA
Institution
Oxford University (OX)
Business Enterprise
Any operation established to produce or supply goods/services desired by consumers generally with a view to making profit.
Factors of Production
The inputs of land, labour, capital and enterprise required to produce or supply goods/services.
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complete,f
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,exam for
CCEA
Business
Studies AS
Unit 1
Business Enterprise - answer Any operation
established to produce or supply
goods/services desired by consumers
generally with a view to making profit.
, Factors of Production - answer The inputs of
land, labour, capital and enterprise required
to produce or supply goods/services.
Entrepreneur - answer Someone who starts
and runs a business and has the responsibility
of the risks involved.
Entrepreneurial Characteristics - answer
These are common traits found in successful
entrepreneurs and examples may include
innovative, visionary, flexibility,
knowledgeable, risk taker, decisiveness, goal
orientated, motivated and committed.
Adding Value - answer A business will add
value to raw materials used in its production
process so that there will be a significant
difference between the cost of purchasing raw
materials and the selling prices of the finished
article.
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