Business

Enterprise

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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
2 of 5
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
4 of 5
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

Preview of the back of card 3

Card 4

Front

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

Back

Preview of the back of card 4

Card 5

Front

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

Back

Preview of the back of card 5

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