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business
definition
| Term | Definition |
|---|---|
| Economics | is the study of how people and businesses with limited income make decisiors |
| Factors of production | are elements necessary to produce goods and services they can be divied into for categories (Lamd Labour Captial and Enterpise |
| Land | this refers to the natural resouces avaible in a country to help in the producation of goods and services for example agricultural land river sea and rivers mines forests |
| Labour | this refers to the people availbe to help in the of goods and services its also refers to the qualification and skills avaible among these people |
| Capital | this refers to all humans made things that are availbe to help in the producations of buildings equipment |
| Enterprise | this is the act of bringing together land labour and capital to develop an opprtunity and set up a business to produce a product provide a service with view to making a profit |
| Economic growth | refers to the change in the quantity of goods and services produced ina country one year to the next |
| the natinal buget | is a document which gives a detailed breakdown of goverment income and expenditure for the next year |
Created by:
lauralynch14
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