Explain the purpose of a business and the core reasons for starting one, including producing goods, supplying services, distributing products, fulfilling a market opportunity, and providing a good or service to benefit others.
Differentiate between goods and services, as well as between human needs and wants.
Describe the four factors of production: land, labour, capital, and enterprise.
Define the concept of opportunity cost in a business context.
Identify the three economic sectors (primary, secondary, and tertiary) and provide examples of business types that operate within each.
Understand the terms 'enterprise' and 'entrepreneur'.
Describe the typical characteristics of an entrepreneur, including being hard-working, innovative, organised, and willing to take risks.
Outline the common objectives of an entrepreneur, such as being their own boss, having flexible working hours, pursuing an interest, earning more money, identifying a gap in the market, or reacting to dissatisfaction with a current job.
Explain how businesses face a constantly changing environment driven by technological advancements, economic fluctuations, new legislation, and evolving environmental expectations.
