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9 Cards in this Set
- Front
- Back
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A Business
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It is a decision making organization involved in the process of using inputs to produce goods and services as outputs.
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Goods
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They are physical and tangible products. eg: cars, computers etc.
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Services
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They are intangible products. eg: haircuts, bus rides etc.
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The Market
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A market is simply a place where buyers(customers) and sellers(businesses) meet to trade.
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Added Value
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It is the difference between the total cost of inputs and the price of the actual product.
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Opportunity Cost
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It refers to cost measured in terms of the best alternative that is forgone when a choice is made.
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Industrialisation
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When a country moves away from the primary production towards manufacturing as its principal sector then it is said to have experienced industrialisation.
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Enterprise( or Entrepreneurship)
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It refers to the management, organization and planning of the other three factors of production.
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Profit
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It refers to the positive difference between a firms total revenues and its total costs
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