What is business activity? - Producing goods and services to meet human needs and wants., What are needs? - Essentials required for survival., What are wants? - Non-essentials that improve lifestyle., What are the four factors of production? - Land, labour, capital, enterprise., What is land in business terms? - Natural resources and locations used in production., What is labour? - Human effort, skills, and knowledge in production., What is capital? - Man-made resources such as machinery, tools, finance., What is enterprise? - The organising and risk-taking factor that combines resources., What does “adding value” mean? - Increasing worth of a product/service so customers pay more than input cost., What is opportunity cost? - The benefit of the next best alternative forgone., Who is an entrepreneur? - An individual who starts a business, takes risks, and organises resources., Who is an intrapreneur? - An employee who innovates within an organisation., What is a business plan? - A written document setting objectives, strategies, and forecasts., What is risk in business? - A measurable probability of failure., What is uncertainty in business? - Unpredictable external events that cannot be measured.,

Enterprise

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