Business Chapter 1

Front

Definition of a business activity

Back

A process that creates goods or services to meet consumer's needs or wants.

Front

How does land as a factor of production differ from capital?

Back

Capital is anything created by humans, whereas land encompasses natural resources made from nature.

Front

…………… is the lack of sufficient products to fulfil the total wants of the population

Back

Scarcity

Front

How do the factors of production interact to create goods and services?

Back

They work together, with each factor contributing to the production process.

Front

Opportunity cost is ……………

Back

The next best alternative choice.

Front

What are the 4 factors of production?

Back

Land, Labor, Capital and Enterprise

Front

What is the definition of an entrepreneur?

Back

Someone who is willing to take a risk to earn a profit.

Front

What is the real cause of the economic problem?

Back

Consumers' unlimited wants that go unfulfilled because the factors of production necessary to provide the goods and services to satisfy those desires are limited.