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Economics: Business Economics Key Words
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- 1Capital intensiveWhere production relies more heavily on machinery relative to labour.
- 2EntrepreneurAn individual who organises the other factors of production and risks their own money in a business venture.
- 3Factors of productionThe resources used to produce goods and services. They include land, labour, capital and enterprise.
- 4Fixed capitalThe stock of "man-made" resources such as machines and tools used to help make goods and services.
- 5Human capitalThe value of the workforce or an individual worker.
- 6LabourThe people used on production.
- 7Labour intensiveWhere production relies for heavily on labour relative to machinery.
- 8ProductionA process which involves converting resources into goods and services.
- 9ProductivityThe amount of output that can be produced with a given quantity of resources.
- 10Working capital or circulating capitalResources used up in production such as raw materials and components.
- 11De-industrialisationThe decline in manufacturing.
- 12Primary sectorProduction involving the extraction of raw materials from the earth.
- 13Secondary industryProduction involving conversion of raw materials into finished and semi-finished goods.
- 14Tertiary sectorProduction of services in the economy.