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10 Cards in this Set
- Front
- Back
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What is businesses?
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Businesses are organization that are involved in the production of goods and or the provision of services.
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What is capital?
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Capital is non-natural resources used in the production process.
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What is division of labour?
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It refers to the specialization of workers in the provision of goods and or services
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What is entrepreneurs?
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They are people who risks to manage, organize and plan the other three factor of production.
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What is factor of production?
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Land, Labour, Capital and Enterprise
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What is industrialization?
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It is the process experienced by a country that moves away from primary production towards manufacturing
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What is opportunity cost?
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It refers to cost measured in therm of the next best alternative that is foregone
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What is private sector?
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It is run and owned by individuals and businesses
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What public sector?
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It is owned and controlled by government
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What is structural change?
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It refers to a shift in the relative share of national output and employment
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