Topic 1.1.3 The Role of Enterprise and Entrepreneurs

What is the first function of enterprise?

• To produce goods and services

• To provide food and shelter

• To create jobs and employment

• To add value to products

Why is enterprise important in an economy?

• To relieve burden from the government

• To increase the range of goods and services

• To create jobs and employment

• All of the above

What is the process of creating something that customers are prepared to pay more for than it has cost to produce?

• Adding value

• Creating convenience

• Building reputation

• Offering unique selling point

Which factor can add value to a product through branding and reputation?

• Convenience

• Quality

• Design

• Image

What can attract customers to pay more for a product due to its durability and benefits?

• Convenience

• Quality

• Design

• Functionality

What can make customers pay more for a product due to its unique features?

• Convenience

• Quality

• Design

• Unique selling point

What is one of the roles of entrepreneurs?

• Organizing resources

• Creating convenience

• Building reputation

• Offering unique selling point

What do entrepreneurs decide in their role?

• What to produce

• How much to produce

• What prices to set

• All of the above

What do entrepreneurs risk in pursuing a business idea?

• Their time

• Their reputation

• Their capital

• Their resources

Why do societies need entrepreneurs?

• To organize resources

• To make decisions

• To take risks

• All of the above