A sequence of processes, that includes a network of organisations, people and activities, involved in the production and distribution of a good or service. The supply chain transforms resources and raw materials into a finished product for the consumer.

The economic problem of having unlimited needs and wants, but limited resources that can be used to achieve them.

gross domestic product (GDP)

The total value of all goods and services produced in a country in a period of time.

factors of production

Resources used in the production of goods and services classified as natural (land), labour, capital and enterprise.

The perceived fairness of the way scarce resources are used and the way the benefits of production are distributed.

A method of production where a business or area focuses on the production of a limited scope of products or services in order to gain greater degrees of productive efficiency within the entire system of businesses or areas.

The increase in the quantity of goods and services produced in an economy over a period of time; the increasing ability of society to satisfy the needs and wants of its people.

All activities undertaken for the purpose of production, distribution and consumption of goods and services in a region or country.

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

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

Hass glossary

know the words

Term	Definition
supply chain	A sequence of processes, that includes a network of organisations, people and activities, involved in the production and distribution of a good or service. The supply chain transforms resources and raw materials into a finished product for the consumer.
scarcity	The economic problem of having unlimited needs and wants, but limited resources that can be used to achieve them.
gross domestic product (GDP)	The total value of all goods and services produced in a country in a period of time.
factors of production	Resources used in the production of goods and services classified as natural (land), labour, capital and enterprise.
equity	The perceived fairness of the way scarce resources are used and the way the benefits of production are distributed.
specialisation	A method of production where a business or area focuses on the production of a limited scope of products or services in order to gain greater degrees of productive efficiency within the entire system of businesses or areas.
economic growth	The increase in the quantity of goods and services produced in an economy over a period of time; the increasing ability of society to satisfy the needs and wants of its people.
economy	All activities undertaken for the purpose of production, distribution and consumption of goods and services in a region or country.

Created by: alisha.roslan

"Know" box contains:
Time elapsed:
Retries: