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21 Cards in this Set
- Front
- Back
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Business
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A business is an organization that is involved in the production of goods and/or the provision of services.
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Capital
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all non-natural resources that are used in the production process.
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Division of labour
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specialization of people/workers in the different stages of the production process.
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Entrepreneurs
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people who manage,organize and take risks in a business and receive the profit
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Factors of production
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The inputs necessary for the production process, this includes: land,capital labour and enterprise.
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Business
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A business is an organization that is involved in the production of goods and/or the provision of services.
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Capital
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all non-natural resources that are used in the production process.
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Division of labour
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specialization of people/workers in the different stages of the production process.
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Entrepreneurs
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people who manage,organize and take risks in a business and receive the profit
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Factors of production
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The inputs necessary for the production process, this includes: land,capital labour and enterprise.
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functional areas
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different sections of a business
ex. marketting, production, finance, human resources |
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industrialization
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a process when a country moves away from primary production towards manufacutring
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labour
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human effort used in the production process
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land
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natural resources that can be found such as water, fish, wood, land
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opportunity cost
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the cost of giving up the next best alternative in order to take the best decision
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Primary sector
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Are business that are involved in the extraction of natural resources such as farming,mining and fishing.
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Private sector
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Is the part of the economy that is under the control of private individuals and businesses rather then the government.
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Public sector
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Is the part of the economy under the control of the government. For example state health and education services.
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Secondary sector
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Refers to the section of the economy where business activity is concerned with the construction and manufacturing of physical products.
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Tertiary sector
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Refers to the section of the economy that is concerned with providing services for the costumers.
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Value added
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Is the difference between the products price and the total cost of the inputs that went into making it.
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