click below
click below
Normal Size Small Size show me how
National Budget
Business
Term | Definition |
---|---|
Economics | is the study of how people and businesses with limited income mkae decision |
Factors of production | Are the elements necessary to produce goods and services. They can be divided into four catogories |
Land | This refers to the natural resources availible to a country to help in the production of goods and services. |
Labour | This refers to the people available to help in the production of goods and services |
Capital | This refers to all human-made things taht are available to help in the production of goods and services |
Enterprise | This is an act of bringing together land, labour and capital o develop an opportunity and set up a business to produce a product or provide a service with a view to making a profit |
Economic system | The way a country sees its factors of production to produce goods and services is referred to as the economic system of the country |
Economic growth | Refers to the change in the quantity of goods and services produced in a country from one year to the next |
Inflation | An increase in prices in a country from one period to the next is referred to as Inflation |