Explain the difference between a charity and a social enterprise.

Explain the difference between a charity and a social enterprise.

Social enterprise is a business with mainly social benefits, in other words they operate in socially responsible ways. The difference between charity and social enterprise is that the core purpose of a charity is social, whereas social enterprise has other aims such as economics.

Explain what is meant by the term "triple bottom line".

Explain what is meant by the term "triple bottom line".

The term triple bottom line means the 3 objectives of social enterprise which are economic, social, and environmental.

What is meant by the term 'social enterprise'?

What is meant by the term 'social enterprise'?

Social enterprise simply means business activity's main focus is on benefiting the society rather than make profit for their own. For instance, hospital established by the government. Their aim is to ensure their citizen is healthy. This is usually in public sector business.

Explain the concept of opportunity cost and give 3 examples of it.

Explain the concept of opportunity cost and give 3 examples of it.

Opportunity cost means the second best choice that is given up. This is due to the shortage of products and resources hence unable to satisfy all of our wants. Therefore we must choose the best choice and give up the other. The first example would be the government choosing between building roads and building hospitals. The second example is choosing between two locations for a new factory. The third example would be a business considering labor intensive or capital intensive.