1.1.3 The role of business enterprise

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What best describes a business?: Offers goods or services for money
Which is an example of a physical good?: A physical product like a television
Which is an example of a service?: A haircut at a salon
Which statement best distinguishes a need from a want?: Essential for survival versus desirable extras
What is the main purpose of business activity?: To produce goods or services
What does meeting customer needs mean?: Satisfying or exceeding customer expectations
What is meant by added value?: Difference between input cost and selling price
How does branding add value to a product?: Creates a unique name or image
How does good design add value?: Makes product more attractive and useful
Why does high quality add value?: Suggests reliability, durability and good workmanship
How does increased convenience add value?: Saves customers time and effort
What is a unique selling point (USP)?: A feature that differentiates from competitors
Which best describes an entrepreneur's role?: Organises resources, makes decisions, takes risks

Round complete