- Business
- A business is an organisation that uses resources to meet the needs of customers by providing a product or service that they demand.
Ch 01- Factors of production
- Factors of production are the resources needed by businesses to be able to operate and produce goods or services.
Ch 01- Land
- Land is a general term that includes not only land itself but all the renewable and non-renewable resources of nature, such as coal, crude oil and timber.
Ch 01- Labour
- Labour refers to the manual and skilled labour that make up the workforce of the business.
Ch 01- Capital
- Capital is not just the finance needed to set up a business and pay for its continuing operations, but also all the manufactured resources used in production, including capital goods such as computers, machines, factories, offices and vehicles.
Ch 01- Enterprise
- Enterprise is the initiative and coordination provided by risk-taking individuals called entrepreneurs, who combine the other factors of production into a unit capable of producing goods and services.
Ch 01- Added value
- Added value is the difference between the selling price of the products sold by a business and the cost of the materials that it bought in.
Ch 01- Economic problem
- The economic problem is the situation where there are insufficient goods to satisfy all of our needs and wants at any one time.
Ch 01- Opportunity cost
- Opportunity cost is the next most desired product which is given up when deciding to purchase or obtain one item over others.
Ch 01- Entrepreneur
- An entrepreneur is a risk-taking individual who combines the other factors of production into a unit capable of producing goods and services, providing the managing, decision-making and coordinating roles.
Ch 01- Intrapreneur
- An intrapreneur is a person who has the same qualities as entrepreneurs and is encouraged to demonstrate the same skills as entrepreneurs within an existing business.
Ch 01- Business plan
- A business plan is a detailed document outlining a new business's strategies, operations, marketing, management team, and financial forecasts.
Ch 01
