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Year 7 Economics
Terms in this set (11)
Someone who has a business idea and develops it. He or she takes risks and the profits that come with success and the losses that inevitably come with failure
The improving of existing product, service, system or process and the introduction of something better.
A company that is in the first stages of its operation. The company is working to solve a problem or create something new. Success is not guaranteed.
A speech or act that attempts to persuade someone to buy or do something.
When a business is able to produce better or cheaper products and outperform other businesses
A project that is particularly difficult, complicated or risky.
The power or ability to do something.
Being flexible, learning new skills, embracing change, accepting challenges
Identifying opportunities and taking them on, asking questions and seeking feedback
Developing a professional and/or technical vocabulary and working with others
Analysing issues and making decisions, dealing with change and resolving conflict
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