What you'll learn
Why businesses exist and what enterprise involves.
Key ideas
- The purpose of business; the entrepreneur and risk and reward.
- The factors of production: land, labour, capital and enterprise.
- Goods vs services and adding value.
Exam tips
- Apply ideas to the case study.
- Balance risk against reward.
Common mistakes
- Forgetting the entrepreneur's risk-taking role.
- Confusing goods and services.