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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 |
Created by:
KITENNIS
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