3458778
Description
Flashcards by Tania Kaur, updated more than 1 year ago
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Created by Tania Kaur
over 8 years ago
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| Question | Answer |
| NEEDS | Good or service essential for living |
| WANTS | Not necessary/would like to have |
| ECONOMIC PROBLEM/SCARCITY | Unlimited wants/limited resources |
| OPPORTUNITY COST | Next best alternative forgone |
| FACTORS OF PRODUCTION | Land,Labour,Capital,Enterprise |
| DIVISION OF LABOUR/SPECIALISATION | Production Process split up in different tasks |
| ADDED VALUE | Difference between what a business pays and price charged. |
| PRIMARY SECTOR | Extracting and using natural resources |
| SECONDARY SECTOR | Manufacture products using natural resources |
| TERTIARY SECTOR | Provide services to the public. |
| DE-INDUSTRIALISATION | Decline in importance of secondary sector |
| BUSINESS PLAN | A document containing business objectives and important details |
| CAPITAL EMPLOYED | Total value of capital used/machienry |
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