Background to Business

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  • Created by: mczerniak
  • Created on: 21-09-21 09:06
Business activity
Business operations involved in satisfying customers and making profit.
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Capital
Money invested into a business; it is a factor of production rewarded by interest
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Chain of Production
The sequences of stages involved in the production of a product
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De-industrialization
Occurs where secondary sector becomes less important.
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Division of labor
Splitting the production process into different tasks, which each worker specializing in a particular task.
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Enterprise
A business or a company, rewarded with profit.
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Factors of Production
Resources used in the production, including land, labor, capital, and enterprise.
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Industrialization
The shift of factors of production from the primary to the secondary sector.
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Interdependence
When the operations of one department are affected by those of another.
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Interest
The reward for capital.
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Labor
Human factor of production rewarded by wages and salaries.
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Land
A natural factor of production rewarded by rent
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Needs
Things necessary for survival.
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Opportunity cost
The next best alternative foregone when making a choice.
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Primary sector
Business involved in the extraction of raw materials.
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Rent
The reward for land.
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Scarcity
Limited supply of resources.
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Secondary sector
Businesses involved in the production or manufacturing process.
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Sector of production
Primary, secondary and tertiary business.
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Services
Intangible activities carried out by people to serve customers.
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Specialization
The division of labor by assigning a specific task to each worker.
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Stakeholders
Any individual interested in the activity of a business.
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Tertiary sector
The sector involved in providing services.
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Wants
The many goods and services demanded by people that are not crucial for survival.
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Other cards in this set

Card 2

Front

Money invested into a business; it is a factor of production rewarded by interest

Back

Capital

Card 3

Front

The sequences of stages involved in the production of a product

Back

Preview of the back of card 3

Card 4

Front

Occurs where secondary sector becomes less important.

Back

Preview of the back of card 4

Card 5

Front

Splitting the production process into different tasks, which each worker specializing in a particular task.

Back

Preview of the back of card 5
View more cards

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