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18 Cards in this Set
- Front
- Back
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What is the Barter system? |
A system of exchange which involved the swapping of goods between individuals. |
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What are Capital Goods? |
They are goods that are used to produce other goods, such as tools,ekuipment and machinery. |
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What are consumers? |
Individuals who use or 'consume' goods and services to satisfy their needs and wants. |
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Individuals, or other businesses, that buy goods and services supplied by businesses are |
Customers |
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What are consumer goods? |
Goods produced for general use by the public. They can be durable or non-durable. |
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The decline in manufacturing is |
De-industrialisation |
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what is the division of labour? |
Specialisation in specific tasks or skills by individuals. |
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Resources used by businesses to produce goods and services are the |
Factors of production |
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What is a market? |
Anywhere that buyers and sellers communicate to exchange goods and services. |
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Any substance which is generally accepted as means of exchange is known as |
Money |
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The basic human requirements which must be satisfied for survival are |
Needs |
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What is opportunity cost? |
The benefit of the next best option foregone when making a choice between a number of alternatives. |
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What is primary production? |
Activities which involve the extraction of raw materials from the earth and the growing of food. |
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What is secondary production? |
Activities such as manufacturing which transform raw materials into finished goods. |
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In business, the production of a limited range of goods is |
Specialisation |
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What is the system? |
Parts that work together to achieve a objective: a system can be a communications system, a business, an economic or political system. |
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Define Tertiary Production |
They are activities which involve the provision of services. |
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Wants are............. |
Human desires which are unlimited. |
