Studied by 0 people
Business
A decision-making organization established to produce goods and/or provide services.
Goods
Goods are physical products. For example, food, clothes, furniture, cars, and smartphones.
Services
Services are intangible products. For example, haircuts, tourism, public transport, banking, insurance education, and healthcare.
Factors of production
Land
Labor
Capital
Entrepreneurship
Adding Value
Adding value is the process of producing a particular good or service that is worth more than the cost of the resources used to produce it.
Primary sectors
Refers to business activity involved with the extraction of natural resources. For example, fishing and mining.
Secondary sectors
Refers to business activity involved with the manufacturing or construction of finished products. Examples include, construction and engineering
Tertiary sector
Refers business activity that involves providing services to customers, i.e., consumers and business clients.
Note 
Flashcard (30)