The purpose and nature of businesses common mistakes

Common mistakes

• Business purpose, goods and services common mistake 1

  Giving a vague answer instead of directly addressing: Explain what a business is and why businesses may start, including producing goods, supplying services, distributing products, fulfilling opportunities and benefiting others..

  Fix itAnswer by clearly explaining how to explain what a business is and why businesses may start, including producing goods, supplying services, distributing products, fulfilling opportunities and benefiting others..

• Business purpose, goods and services common mistake 1

  Giving a vague answer instead of directly addressing: Distinguish goods from services and needs from wants in business contexts..

  Fix itAnswer by clearly explaining how to distinguish goods from services and needs from wants in business contexts..

• Business purpose, goods and services common mistake 1

  Giving a vague answer instead of directly addressing: Define opportunity cost and apply it to business choices..

  Fix itAnswer by clearly explaining how to define opportunity cost and apply it to business choices..

• Factors of production and business sectors common mistake 1

  Giving a vague answer instead of directly addressing: Explain the four factors of production: land, labour, capital and enterprise..

  Fix itAnswer by clearly explaining how to explain the four factors of production: land, labour, capital and enterprise..

• Factors of production and business sectors common mistake 1

  Giving a vague answer instead of directly addressing: Define the primary, secondary and tertiary sectors..

  Fix itAnswer by clearly explaining how to define the primary, secondary and tertiary sectors..

• Factors of production and business sectors common mistake 1

  Giving a vague answer instead of directly addressing: Give business examples that operate in each sector..

  Fix itAnswer by clearly explaining how to give business examples that operate in each sector..

• Enterprise and entrepreneurship common mistake 1

  Giving a vague answer instead of directly addressing: Explain the meaning of enterprise and entrepreneur..

  Fix itAnswer by clearly explaining how to explain the meaning of enterprise and entrepreneur..

• Enterprise and entrepreneurship common mistake 1

  Giving a vague answer instead of directly addressing: Outline entrepreneur characteristics such as hard work, innovation, organisation and willingness to take risks..

  Fix itAnswer by clearly explaining how to outline entrepreneur characteristics such as hard work, innovation, organisation and willingness to take risks..

• Enterprise and entrepreneurship common mistake 1

  Giving a vague answer instead of directly addressing: Outline entrepreneur objectives including independence, flexible working, pursuing interests, earning more money, identifying a market gap and dissatisfaction with employment..

  Fix itAnswer by clearly explaining how to outline entrepreneur objectives including independence, flexible working, pursuing interests, earning more money, identifying a market gap and dissatisfaction with employment..

• Dynamic nature of business common mistake 1

  Giving a vague answer instead of directly addressing: Explain why the business environment changes over time..

  Fix itAnswer by clearly explaining how to explain why the business environment changes over time..