Stage 7, EMS revision

Term 4, 2023

1. Define the following terms:

goods

services

consume

consumer

government agency

producers

entrepreneurs

operating costs

constitution

grant

effectively

efficiently

market share

sectors

informal business

formal business

accounting records

tax

rural areas

trading licence

wholesaler

municipal rates

VAT vendor

VAT

micro-enterprise
small business

enterprise

medium-sized business

SMME

large business

shares

manufacturing business

trading business

service business

spaza shop

shebeen

needs analysis

resources

recycle

goals

marketing

promotion

advertising

target market

media

2. Write down 5 goods and 5 services:

3.

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Name the characteristics of a successful entrepreneur.

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Explain what type of job you would like to do some day. Include in your description which of the entrepreneurial
characteristics you have, that will help you make a success of your career in the future.

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