Save
Upgrade to remove ads
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

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
Popular Business sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards