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Unit 1.1

TermDefinition
Added Value Difference between a product's price and total cost of the inputs that went into making it.
Businesses Organizations involved in the production of goods and or the provision of services.
Capital all non-natural resources used in the production process
Division of labour refers to the specialization of workers by breaking a job down into tasks
Entrepreneurs people who manage, organise and plan the other three factors of production
Factors of production the inputs or resources necessary for the production process (labour, land, capital, enterprise)
Functional Areas used to refer to the different sections of business (HR, Mktg, Finance)
Labour physical and mental human effort used in the production process.
Land natural resources that can be found on the planet (fish, water, wood, etc.)
Opportunity Cost refers to cost measured in terms of the best alternative that is foregone when a choice is made.
Primary Sector businesses involved in cultivation or extraction of natural resources
Secondary Sector Business activity is concerned with the construction and manufacturing of products
Tertiary Sector business activity is concerned with the provision of services to customers.
Created by: lhardamon
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