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11 Cards in this Set
- Front
- Back
- 3rd side (hint)
Factor of production |
land about capital enterprise |
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opportunity cost |
the value of the next best alternative forgone when a decision is made |
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conglomerate merger |
when two businesses in a completely different industry combine to form a new business. |
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vertical integration |
when business expands by merging with another business in another stage of production. |
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horizontal integration |
when firms in the same industry at the same stage of production merge. |
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business plan |
a document with important information about a business |
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limit liability |
term for when a business fails, the owners only lose what they invested |
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entrepreneur |
a person who organizes a business and takes risks for profit |
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specialisation |
when people and businesses concentrate on what they are best at |
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Joint venture |
Two or more business starts a project together sharing capital risks and profits |
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The theory about all individuals are motivated by personal gains |
F•W Taylor |
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