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Related Flashcards
Related Topics
Cards In This Set
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Organizations that are involved in the
production of goods and/or the provision of
services
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Businesses
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All non-natural resources used in the
production process.
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Capital
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The specialization of workers in the provision of goods and/or services by breaking a job down into particular roles of components that are repeated byt the same workers.
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Division of Labor
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People who manage, organize, and plan the other three factors of production. The risk takers who exploit business opportunities in return for profits.
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Entrepreneurs
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Inputs necessary for the production process, land, labor, capital, and enterprise.
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Factors of Production
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Term used to refer to the different sections of a business. These are usually named as the marketing, production, finance, and human resources department.
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Functional areas
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The process experienced by a country that moves away from primary production towards manufacturing as its principal sector for national output and employment.
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Industrialization
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Refers to physical and mental human efford used in the production process.
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Labor
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Natural resources that can be found on the planet
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Land
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Cost measure in terms of the next best alternative that is foregone whena choice is being made.
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Opportunity Cost
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Businesses involved inthe cultivation or extraction of natural resources such as farming, mining, quarrying, fish, oil exploration, and forestry.
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Primary sector
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Part of the economy under the control of private individuals and businesses, rather than the government.
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Private sector
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Part of the economy under the control of the government
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Public sector
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Section of the economy where business activity is concerned with the construction and manufacturing of physical products.
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Secondary sector
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Shift in the relative share of national output and employment that is attributed to each business sector.
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Structural change
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