Business Activity

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  • Created by: LavanyaB
  • Created on: 14-03-17 12:17
Business Activity
The process of producing goods and services to satisfy consumer needs
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Need
A good or service which is essential to living
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Want
A good or service which people would like, but is not essential for living
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Economic Problem
Unlimited wants cannot be met because there are limited factors of production. This Creates Scarcity
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Factors of Production
The resources needed to produce goods and services- land, labour, capital and enterprise
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Scarcity
There are not enough goods and services to meet the wants of the population
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Opportunity Cost
The benefit that could have been gained from and alternative use of the same resource
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Specialisation
People and business concentrate on what they are best at
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Divison of Labour
Production is divided into separate tasks and each worker does just on of those tasks
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Consumer Goods
Products which are sold to the final consumer. They can bee seen and touched, for example computers and food.
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Consumer Services
Non-tangible products such as insurance services, transport
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Capital Goods
Physical goods, such as machinery and delivery vehicles, used by other businesses to help produce other goods and services
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Other cards in this set

Card 2

Front

A good or service which is essential to living

Back

Need

Card 3

Front

A good or service which people would like, but is not essential for living

Back

Preview of the back of card 3

Card 4

Front

Unlimited wants cannot be met because there are limited factors of production. This Creates Scarcity

Back

Preview of the back of card 4

Card 5

Front

The resources needed to produce goods and services- land, labour, capital and enterprise

Back

Preview of the back of card 5
View more cards

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