Engels chapter 1 Enterprise (AS Level)

entrepreneur

an individual who has the idea for a new business, starts is up and carries most of the risks but benefits form the rewards

customer

an individual consumer or organisation

consumer

an individual who purchases goods and services for personal use

consumer goods

the physical and tangible goods sold to consumers that are not intended for resale. These include durable consumer goods, such as cars and washing machines, and non-durable consumer goods, such as food, drinks and sweets, that can be used only once.

consumer services

the non-tangible product sold to consumers that are not intended for resale. These include hotel accommodation, insurance services and train journeys.

factors of production

the resources needed by business to produce goods or services.

capital goods

the physical goods used by industry to aid in the production of other goods and services, such as machines and commercial vehicles

enterprise

the action of showing initiative to take the risk to set up a business

adding value 

increasing the difference between the cost of bought-in inputs (materials) and the selling price of the finished goods

added value

the difference between the cost of purchasing bought-in inputs(materials) and the selling price of the finished goods

branding

the proces of differentiating a product by developing a symbol, name, image or trademark for it

opportunity cost

the next most desired option that is given up

multinational business

a business organisation that has its headquarters in one country, but with operating branches, factories and assembly plants in other countries

intrapreneur

a business employee who takes direct responsibility for turning an idea into a profitable new product or business venture

business plan

a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts