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9 Cards in this Set
- Front
- Back
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what refers to all non-natural resources used in the production process. probably the best exmple of capital is money, but the term also includes resources such as machinery, tools, equipment and factories??
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capital
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what refer to the specialization of workers in the provision of goods and/or wervices by breaking a job down into particular roles or components that are repeated by the same workers??
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division of labour
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what is the term used to refer to the different sections of a business, these are usually named as the marketing, production, finance and human resources departments?
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functional areas
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what refers to physical and mental human effort used in the production process???
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labour
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what means natural resources tha can be fuond on the planet??(hint: it includes renewable and non-renewable natural resources such as water, fish,wood and physial land itself)
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land
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what refers to businesses involved in the cultivation or extraction of natural resources, such as farming, mining, quarrying, fishing, oil exploration and forestry?
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primary sector
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what refers to the section of the economy where business activity is concerned with the construction and manufacturing of physical products. (hint: automation and mechnization in modern societies has seen this sector decline in terms of employment)
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secondary sector
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it refers to the section of the economy where business activiry is concerned with the provision of services to customers.(hint: in modern societies, it is the largest sector in terms of employment and output)
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tertiary sector
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it is the difference between a product's price and the total cost of the inputs that went into making it. (hint: it is the extra worth created in the production process)
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value added
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