| A | B |
|---|
| business | term used to describe a place that makes a product or provides a service for money |
| product | another name for a tangible good |
| service | another name for an intangible good |
| land | a term used to describe a factor of production that related to natural resources |
| labour | a term used to describe a factor of production that related to human resources |
| capital | a term used to describe a factor of production that related to machinery or money required to operate the business |
| enterprise | another word for idea used to start a business |
| factors of production | a collective term used to describe all resources used to make a product/service |
| reasons for starting your own business | being your own boss, taking all profits, deciding on when you work |
| disadvantages of running your own business | fatique, insufficient profits or threat of bankrupcy |
| entrepreneurs | name given to person who comes up with the idea, provides the money and accepts the risk of starting a business |
| examples of entrepreneurs | Donald Trump, Elon Musk, Jeff Bazos, Steve Jobs and Bill Gates |
| sources of income to start business | bank loan, your own savings, borrow from family or friends |
| stakeholders | name given to the people who have a vested interest in your (or a )business |
| examples of stakeholders in a business | employees, managers, suppliers, banks |
| business plan | a written document outlining the goals, strategies, and tactics of a business. |
| bank manager or potential investor | who you will present a business plan to (to convince them that you have done sufficient research into your business plan |
