| A | B |
|---|
| globalisation | the process of increased connection between countries. it is demonstrated through economics, politics and culture. |
| factors that have influenced globalization | trade, communication, culture, politics, transport and labour |
| goods | the physical products or tangible products that can be seen or touched |
| services | skills provided by businesses that cannot be seen or touched |
| need | something that is necessary for human survival, such as food, clothing, warmth and shelter |
| want | something that is desirable but not necessary for human survival such as nice food, fashionable clothing, |
| reasons for starting a business | make a profit, be your own boss and make your own decisions |
| factors of production | the resources required to produce goods and services eg land, labour, capital and enterprise |
| land | factor of production - the natural resources used in the production of a product such as water, oil, fields or wood |
| labour | factor of production - the people that work in the business such as teachers, joiners, builders or doctors |
| enterprise | factor of production -having an idea of how to use the land, labour and capital to make a profit |
| entrepeneur | a person who starts their own business. they have the idea and the capital and willing to take the risk |
| entrepreneurial skills | leadership, interpersonal, problem solving and communication are all examples of ? ? |
| entrepreneurial qualities | persuasive, confident, enthusiastic, risk-taking and creative are ? ? |
| innovation | the introduction of new ideas that result in the introduction of new goods or services or the improvement of existing goods and services |
| invention | a term that describes the discovery of something that has never been made before, or the process of creating something new |
| benefits of innovation | improved quality increased productivity and improved profits are all |
| how businesses create new ideas | brainstorm, research and development |
