IB B&M HL

Added Value
The difference between a product's price and the total cost of the inputs that went into making it. It is extra worth created in the production process.
1 of 5
Businesses
Organisations involved in the production of goods and/or the provision of services.
2 of 5
Capital
It refers to all non-natural resources used in the production process. An example is money, but the term also includes resources such as machinery, tools, equipment and factories.
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Division of labour
It refers to the specialisation of workers in the provision of goods and/or services by breaking a job down into particular roles or tasks that are repeated by the same workers.
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Entrepreneurs
People who manage, organise and plan the other three factors of production. They are risk takers who exploit business opportunities in return for profit.
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Other cards in this set

Card 2

Front

Organisations involved in the production of goods and/or the provision of services.

Back

Businesses

Card 3

Front

It refers to all non-natural resources used in the production process. An example is money, but the term also includes resources such as machinery, tools, equipment and factories.

Back

Preview of the back of card 3

Card 4

Front

It refers to the specialisation of workers in the provision of goods and/or services by breaking a job down into particular roles or tasks that are repeated by the same workers.

Back

Preview of the back of card 4

Card 5

Front

People who manage, organise and plan the other three factors of production. They are risk takers who exploit business opportunities in return for profit.

Back

Preview of the back of card 5

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