Enterprise is starting and steering a project from a potential solution to a commercial problem and into a profitable, successful, sustainable business. […]
Capital: as a factor of production
Capital refers to a business’s financial or investment capacity to deploy resources necessary for operations, growth, or expansion. […]
Labour: as a factor of production
Labour comprises the collective personal effort of workers performing tasks within a business. By labour, business inputs are transformed into marketable products or services. […]
Land: as a factor of production
In certain industries, land directly supports the provision of goods or services. In such cases, land plays an integral role in production. […]
Customer needs vs. wants
Customer needs are essential requirements – they are considered necessary to well-being. Customer wants are non-essential desires (thought to be unnecessary) but pleasurable to have. […]
The difference between goods vs. services
Goods and services are distinct from one another. Goods are typically tangible (although not always, as with digital downloadable products) and services are intangible (because they are duties performed, not things made). […]