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buisness
defintions
| Term | Definition |
|---|---|
| economic | the study of how people and buisnesses wuth limited income make decisions |
| factors of production | are the elements necessary to produce goods and services they can be devided into four categories land,labour,capital and enterprise |
| land | this refers to the natural resources available in a country to help in the production of goods and services for example agricultural land,sea and rivers,mines,forests |
| labour | this refers to the people available to help in the production of goods and services it also refers to the qualifications and skills available amoung these people |
| capital | this refers to all human made things that are available to help in the productions of goods ans services for example machinery,vehicls,buildings and eqipment |
| enterprise | this is the act of bringing together land,labour,and capital to devolop an oppurtunity and set up a buisness to produce a production provide a service with view to making profit |
| economic system | the way a country uses its factors to produce goods and services |
| economic growth | refers to the change in the quanity of goods and services produced in a country one year to the next |
| income tax | a tax paid by employees on their income |
| corporation tax | a tax paid by companies on the profits |
| VAT | a tax om |
Created by:
shaunaoreilly13
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