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Terms U1.1

Nature of business activity

TermDefinition
Added value the difference between a product's price and total cost of the inputs that went into making it. It is the extra worth created in the production process.
Business organizations involved in the production of goods and/or the provision of services.
Capital refers to all non-natural resources used in the production process. An example is money, but the term also includes resources such as machinery,tools,equipment and factories.
Division of labour refers to the specialisation of workers in the provision of goods and/or services by breaking a job down into particular roles or tasks that are repeated by the same workers.
Entrepreneurs people who manage, organise and plan the other three factors of production. They are risk takers who exploit business opportunities in return for profits.
Factors of production the inputs(or resources) necessary for the production process: land,labour,caital and enterprise.
Funtional areas the term used to refer to the different sections of a business. These are usually named as the marketing,production,finance and human resources departments.
Labour refers to the physical and mental human effort used in the production process.
Land natural resources that can be found on the planet. This includes renewable and non-renewable natural resources such as water,fish,wood and physical land itself.
Opportunity cost refers to the cost measured in terms of the best alternative that is forgone when a choice is made.
Primary sector Refers to business involved int the cultivation or extraction of natural resources, such as farming, mining, quarrying, fishing,oil exploration and forestry.
Secondary sector the section of the economy where the business activity is concerned with the construction and manufacturing of products.
Tertiary sector refers to the section of the economy where business activity is concerned with the provision of services to customers.
Created by: DancingDoll