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1st Yr Xmas

First year Christmas Assessment Revision

TermDefinition
Entrepreneur Is someone who spots a gap in the market. They use their initiative and take both a personal and financial risk in starting a business/venture with the aim of making a profit. Example Steve Jobs (Apple)
Enterprise This is any attempt to start or do something new. It is about turning ideas into actions. Example: Starting a club or society in school.
Skills This is something you learn to do over a period of time. It is the ability to do something well as a result of training, experience and practice. Examples: Teamwork, Communication
Characteristics A characteristic is a quality a person is born with, which describes the type of person they are. Example: Creative, Risk Taker
Intrapreneur This is a person (employee) within an existing business who is enterprising. E.g. Post-it Notes were invented by an employee of the 3M Company.
Financial Life Cycle Shows the changing financial needs a person will have at each stage of their life.
Pension What income does a retired person have?
Wage What does an employed person earn?
Resource What is something that we can use to help us achieve our goals?
Need What is something that we cannot live without? it is essential for our survival.
Want We would like these things, but they are not essential for our survival
Opportunity Cost This is the item we must go without when we have to make a choice
Resources Physical, Natural, Financial, Human and time are examples of what?
Job seekers allowance Income for an unemployed person.
Financial Cost This is the Money cost of an item you choose to buy
Created by: ms.ahern
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