the inputs that are used in the production process to produce goods and services. These are also called Factors of Production
1 of 16
capital
the finance needed to set up a business and pay for its continuing operation as well as all the man-made resources used in production
2 of 16
enterprise
the driving force, provided by risk-taking individuals known as entrepreneurs, that combines the other factors of production into a unit that is capable of producing goods and services. It provides a managing, decision making and co-ordinating role.
3 of 16
labour
manual and skilled labour make up the workforce of the business
4 of 16
land
the general term not only includes land itself but all of the renewable and non-renewable resources of nature
5 of 16
self suffiecient
depending on one’s own goods that were personally made or grown by oneself
6 of 16
the economic problem
there are insufficient goods to satisfy all of our needs and wants at any one time
7 of 16
opportunity costs
the benefit of the next most desired option which is given up e.g. if a consumer were to choose to purchase salad over fries, fries would be the opportunity cost for this consumer
8 of 16
consumer goods
these are physical and tangible goods sold to the general public.
9 of 16
consumer services
non-tangible products that are sold to the general public e.g. hotel accommodation, insurance services, train journeys
10 of 16
capital goods
physical goods that are used by industry to aid in the production of other goods and services e.g. machines, commercial vehicles
11 of 16
primary sector
those firms engaged in the extraction of natural resources so that they can be used and processed by other firms
12 of 16
secondary sector
those firms that manufacture and process products from natural resources
13 of 16
tertiary sector
those firms that provide services to consumers and other businesses
14 of 16
public sector
comprises of organization accountable to and controlled by central or local government (the state)
15 of 16
private sector
comprises of businesses owned and controlled by individuals or groups of individuals
16 of 16
Other cards in this set
Card 2
Front
the finance needed to set up a business and pay for its continuing operation as well as all the man-made resources used in production
Back
capital
Card 3
Front
the driving force, provided by risk-taking individuals known as entrepreneurs, that combines the other factors of production into a unit that is capable of producing goods and services. It provides a managing, decision making and co-ordinating role.
Back
Card 4
Front
manual and skilled labour make up the workforce of the business
Back
Card 5
Front
the general term not only includes land itself but all of the renewable and non-renewable resources of nature
Oh, I understand you perfectly. I have a small business myself, it causes so much trouble. But you know, I want to recommend you company incorporation in Hong Kong. When I was just starting to develop, this company helped me a lot to register and enter the Hong Kong market, which helped me find customers quickly. I hope you will be all right with your business! Good luck to you!
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