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EDUCATOR: MOEKETSI O

N.B: This assessment forms part of your formal assessment for Term 3. This is to prepare you for gaining more knowledge on the content to be covered. Your project will be in stages. Stage 1 is to research about the market prior. Answer the following questions:

1. Define:
- Entrepreneur (2)
- Entrepreneurship (2)
- Advertising (2)
- Fixed cost (2)
- Cost price (2)
- Variable cost (2)

2. Entrepreneurs have personal traits/characteristics which help them achieve their objectives. They are usually born with these traits and also learn through experience. List five characteristics that entrepreneurs often have, with definitions and examples. (2x5=10)

3. Name and explain the skills of an entrepreneur. (2x5=10)

4. Differentiate between income and expenses. (2x2=4)

5. Entrepreneurs buy and sell goods in order to make a ___________? (1)



Answer :

GinnyAnswer

Final answer:

Entrepreneurs play a vital role in the economy by initiating businesses and driving innovation. They possess specific traits and skills that contribute to their success, focusing on generating profits through buying and selling goods.


Explanation:

Entrepreneur: The person in a market economy who hires workers and buys resources to produce goods and services. The entrepreneur is critical in starting new businesses and developing innovative products.

Entrepreneurship: It involves the willingness and innovation required to take the risk of starting a business. Entrepreneurs often show determination, creativity, and resilience in pursuing their ventures.

Advertising: The promotion of products or services to attract customers and increase sales. It plays a crucial role in creating awareness and generating demand for goods or services.

Fixed Cost: Costs that do not change regardless of production levels, such as rent or salaries. They remain constant within a specific period.

Cost Price: The amount paid to purchase an item or produce a service. It is a crucial factor in determining profit margins.

Variable Cost: Costs that fluctuate based on production levels, like raw materials or utilities. They vary with the quantity of goods or services produced.

Key Characteristics of Entrepreneurs:

  1. Visionary: Having a clear sense of direction and future goals.
  2. Risk-Taker: Willing to take calculated risks for potential rewards.
  3. Innovative: Introducing new ideas or processes to create value.
  4. Persistent: Persevering through challenges and setbacks.
  5. Adaptable: Being flexible to adjust to changing circumstances.

Entrepreneurial Skills: Key skills include leadership, communication, financial management, decision-making, and networking.

Income vs. Expenses: Income refers to money earned, while expenses are the costs incurred in running a business or personal life.

Entrepreneurs buy and sell goods in order to make a profit.


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