1
Q
entrepreneurs
A
someone who recongines a need in a community and starts a business to fill the need
2
Q
Innovation
A
new idea that can become a business that makes a profit
3
Q
characteristic of an entrepreneur
A
- innovative + creative
- confident + enthusiastic
- takes risks
- resourceful +
hardworking
4
Q
Skills of an entrepreneur
A
- self starter
- leadership
- responsibility
- organising
- decisions
- trustworthy
- energy
5
Q
Self starter
A
doesnt wait to be told, gets stuff done
6
Q
leadership
A
must be able to take charge
7
Q
respondsibilty
A
must know how to take responsibility
8
Q
organising
A
constanly planinng + organising
9
Q
decisions
A
has to a good decision maker
10
Q
trustworthy
A
customers more likely to return to a trust worthy business
11
Q
energy
A
always on the move, needs lots of energy
12
Q
Entrepreneurs must make good decisions about ?
A
- buyer
- product
- location
- cost/capital
- how to get capital/money
to start a business
13
Q
Middleman
A
person/business who buys goods from a maufacture and then sells them to someone else
14
Q
Retail business
A
business that sells finished goods
15
Q
overheads
A
expenses essential to running the business e.g rent + water
16
Q
SWOT stands for ?
A
S = strength
W = weaknesses
O = oppurntunities
T = threaths
17
Q
Strengths
A
- internal
- high quality products
- good staff
- lots of loyal customers
18
Q
Weaknesses
A
- internal
- cant buy best equipment
19
Q
oppurtunities
A
- external
- very few companys
making the same
product - demand is increasing
20
Q
Needs influnce what ?
A
the development of businesses
20
Q
Threats
A
- external
- new labour laws make
employment difficult
21
Q
Analyse
A
look at it carefully/ break it up into logical parts and explain these parts in a systematic order/ critical way giving strengths and weaknesses
22
Q
SWOT analysis
A
used to analyse the strengths, weaknesses, oppurtunities and threats of a new or existing business
23
Q
you use strengths to what ?
A
improve the business
24
weaknesses can be overcome with __________
* practice
* improvement
* replacement
25
Threats
things outside a business that could work against its success
26
SMART stands for ?
S = specific
M = measurable
A = attainable
R = realistic
T = timely
27
reasons to set goals
* give structure
* give sense of purpose
* help check financial
performance
28
How to achieve goals
* write down and reffer to
* fixed time frame or
deadline for motivation
* must be realistic and
achievable
29
cost
price paid to produce something in terms of raw materials + labour + time
30
Variable cost
cost directly linked to making the product
31
when do variable costs change
change with the amount of products made
32
Fixed costs
costs nessacary to running a business
33
Do fixed costs change
no they stay the same, no matter how many products are made
34
total cost = ?
fixed cost + variable cost
35
unit price
cost of 1 product
36
unit price = ?
total cost divided by number of products
37
production
manufacture of goods and services
38
inputs
economic term covering all materials, time, money, energy + ideas that go into making good + services
39
factors of production
economic term for inputs that specially covers natural resources, labour, capital + entrepreneurship
40
outputs
economic term for results of production process, goods, services, ideas produced
41
What do the factors of production include
* land/materials
* entrepreneurship
* labour
* capital
42
Resources can be ?
* land
* semi - processed
materials
* raw materials
43
what does entreperneurship do in factors of production
* its the engine that drives
the business
* brings the other factors
together
44
what are the 3 catorgories of labour
* unskilled
* semi - skilled
* skilled
45
labour as an input = ?
work done correctly to produce goods and services
46
capital as an input = ?
buying resources + labour
47
economic growth
the active growth of a country/ increase in the production capacity of a country
48
inflation
the rate at which the price of good + services rises
49
sustainable growth = ?
low/stable inflation + low unemployment
50
meaning of production = ?
describes how quickly inputs can be turned into outputs
51
different ways to measure production are ?
* numbers of hours to
produce goods
* income generated by
salary
52
rate of production effects ?
by how much and how quickly the economy will grow
53
goods produced slowly = ?
labour costs + financial costs = higher/expensive
54
goods produce quickly ( good quality) = ?
labour + final costs = cheaper = more goods can be produced + sold
55
characteristics of home industries were ?
* family worked together
* worked with simple tools
+ by hand
* usually focused on 1
iteam at time
56
tech in the production process makes producing good ___________ and _________
* quicker
* more efficent
57
instead of one person making the whole iteam, people _____________________
people made different parts of the item
58
unit production
complete good produced 1 at a time
59
owners put pressure on employes to work faster = ?
decided what genders do what jobs
59
mass production
producing large number of similar good
60
What are the purposes of saving (6)
* to buy something we
cant afford yet
* for a goal
* for unexpected expense
* for inflation
* for futher education
* for retriement
61
saving money = ?
can plan for the future + set goals to get something
62
banks fufil what roles (4)
* keep our money safe
* pay interest to those who
put their money in the
bank and charge
money/interest to those
who borrow money
* contributes to economic
growth
* acts as intermediaries
63
Services offered by banks
* savings - savings account
+ cheque account
* investments - fixed
deposit + money market
+ unit trust
* loans - home loans +
short term loans + credit
cards
64
services offered by banks to make it easier ? (5)
* accept deposits
* grant loans
* safe deposit boxes +
vaults
* insurance + investment
products
* various payment
methods = ATM, EFT
65
another name for community saving schemes
* forced savings
bc if you dont do your
part you are letting down
people
66
community saving schemes are built on _________
* trust
67
types of community saving schemes
* stokvels
* grocery clubs
* funeral socities
68
stokvels are ______________
* informal saving clubs
69
e.g of a stokvel = ?
* 12 people have stokvel,
each give R 500 a month
* put months in a hat
* the month the person
draws is when they get
their share of money
70
risk of stokvels = ?
* someone could withdraw
71
grocery clubs do what ?
help people save during the year
72
what do grocery club members get at the end of the year
get a hamper full of grocerys to the value of their protion of the money
73
funeral socities aim to ?
am to provide money when a family member dies
74
funeral socitity funds should cover ?
* coffin
* cemetary plot
* food
* hire of tent + chairs
* family car
* hearse to transprot coffin
* flowers
75
renewable resources
resources that can be replaced
76
non - renewable resources
resources that cannot be replaced
77
resources = part of __________ of a country
economic wealth
78
e.g of renewable resources
* cotton
* wood
( bc they can replanted )
79
e.g of non - renewable resources
* coal
* oil
* minerals ( gold )
80
SA is rich in
* mineral deposits
* fertile land
* wooded areas
* coastline
( fish haversting )
81
what are ways to use resources sustainably (4)
* use renewable one
( wind + solar ) instead
* use less harmful things
to the enviroment
( plastic bag to a paper
bag)
* recycle + reuse = cuts
back on quanity of
natural + non -
renewable resources
used
* find ways to use less
resources to produce
goods + materials
82
Sectors of the economy = ?
* primary sector
* secondary sector
* tertiary sector
83
primary sector
sector of the economy that produces raw materials
e.g = farmers + fishing comanpys
84
Secondary sector
sector of the economy that uses raw materials to produce finished goods
e.g = funiture + backed goods + jewellry
85
Tertiary sector
sector of the economy that produces services
e.g = financial aid + car washes
86
