Explain how a supermarket could add value to the food and other stock it buys in.
Supermarket could add value to their products by placing of the products. For example, products that are displayed on the counter are more expensive than other products. Secondly, the location of the supermarket can also add value if it is more convenient than others.
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Enterprise
- Explain the difference between a charity and a social enterprise.
- Explain what is meant by the term "triple bottom line".
- What is meant by the term 'social enterprise'?
- Explain the concept of opportunity cost and give 3 examples of it.
- Using an example of a small business/recently established new business, explain how its owners overcame the three challenges - New businesses, Economic growth and Innovation.
- List 3 benefits of entrepreneurship to the economy of your country and explain why they are important.
- Explain why there are so many new business enterprises in the tertiary sector of industry, such as hairdressing and car servicing.
- What do you understand by the term "entrepreneur"?
- A new business selling computer software has just opened in your town. Explain 3 needs that this business will have if it is to be successful.