A ‘gap in the market’ is present if the existing businesses in the market currently are u______ the needs of customers in this market.
Personal i_________ is an individual’s desire to have full control over their own decisions and actions.
The d________ skill is the ability to transfer the authority and responsibility to carry out specific tasks from the manager to one or more employees.
In theory, an individual can earn a greater income by owning a business than by being an e_____ in a business.
The i_________ skill is the manager’s ability to deal or liaise with a business’ stakeholders and build positive relationships with staff.
The higher a business’ net profit figures are, the more the business’ owner is likely to e___ from the business, and thus the wealthier the lifestyle the owner can financially sustain.
A business is fulfilling a s____ n____ if its business activities are helping to make the world a better place by improving human wellbeing, the community and/or the environment.
M_______ is what drives a person to apply individual eff
ort over a sustainable period of time.
C______ p___ are processed resources (ie, human-made objects) that are consumed or converted by production.
R__ m____s are unprocessed resources that are taken directly from the natural environment, such as unprocessed minerals or farm produce.
The c_______ skill is the ability to clearly and concisely send information to, and receive information from, a business’ stakeholders, such as the business’ customers and employees.
Fulfilling a market need can help increase a business’ net profit figures. This is particularly the case if, in filling the need, the business is ‘filling a g__ in the market’.
In the context of U1 AOS1 KK2, p_______ motivation is a person's individual reasons (ie, personal reasons) for starting a business.
A resource has been c______ by a production process if the resource no longer exists as a result of this process.
L_____ refers to the mental effort, physical effort, knowledge and skills contributed by human beings to the production process.
The p_______ skill is the ability to set business objectives and determine the strategies that will be used to achieve these objectives.