Business · Enterprise
Analyse what business activity involves.
Recognise the 'economic problem' and its implications for choices and opportunity cost.
Analyse the meaning and importance of adding value.
Recognise the key characteristics of successful entrepreneurs and intrapreneurs.
Evaluate the importance of enterprise, entrepreneurs, and intrapreneurs to a country’s economy.
Analyse the meaning, purpose, benefits, and limitations of business plans.
Students often think 'capital' only means money, but it also includes manufactured resources like machines and factories.
Students often think added value is the same as profit, but profit is what remains after all costs are paid from added value.
Students often think opportunity cost is all the things given up, but it is only the single next best alternative foregone.
Students often think 'land' as a factor of production only refers to real estate, but it includes all natural resources.
Students often think a business plan guarantees success, but it is a forecast and guide that needs flexibility in a dynamic environment.