Business review

The additional cost that the company adds to a product in order to make a profit.

• added value

• cost price

• production

Factors of production are...

• land, labour, capital.

• land, labour, capital, and enterprise.

• people, labour, capital, and enterprise.

Provides financial resources to enable production.

• marketing department

• financial department

• production department

Enables a business to compare its level of production with that of its competitors.

• Labour productivity

• marketing department

• opportunity cost

Where a seller and customer come together to perform the business activity.

• production

• productivity

• market

It is the department in charge of generating customers.

• finance department

• marketing department

• production department

It is something essential.

• a need

• a want

__________________: how many products are produced or how many customers are served.

• Production

• Productivity

This measures how much a business produces in relation to its resources.

• production

• productivity

It is formed by businesses that are run by the government.

• public sector

• private sector

• primary sector