Business activity

List the factors of production
capital, labour, land and enterprise
1 of 6
What is specialization?
specialization - individuals and business organisations focus on what they are best at.
2 of 6
What is the difference between a 'need' and a 'want'?
need- goods/services that are required (e.g.-food); want- goods/services that we don't need but we desire
3 of 6
What is 'opportunity cost'?
choosing the best next alternative (loss of other alternative)
4 of 6
What is an advantage of labour specialization? (division of labour)
employees can make use of their skill
5 of 6
What is the use of added value?
higher profit and to make the product more desirable
6 of 6

Other cards in this set

Card 2

Front

What is specialization?

Back

specialization - individuals and business organisations focus on what they are best at.

Card 3

Front

What is the difference between a 'need' and a 'want'?

Back

Preview of the front of card 3

Card 4

Front

What is 'opportunity cost'?

Back

Preview of the front of card 4

Card 5

Front

What is an advantage of labour specialization? (division of labour)

Back

Preview of the front of card 5
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