business

(four factors of production)

land

natural recources

labour

human efforts

Capital

human made recources used in the production of goods and services (like robots and cars)

Enterprise

risktaking, innovation, and decisionmaking.

added value

making something worth more than what you started with

oppurtunity cost

Businesses have limited resources, so choosing one option means giving up the next best alternative.

primary sector

Harvesting natural resources

secondary sector

turning raw materials into goods

tertiary sector

providing services (where the goods gets to the customers)

private sectors

buisnesses driven by indiviuals or a group of individuals (cafes, clothing stores). profit is important!

public sectors

businesses driven and funded by a country or a government usually hospitals or nasdaq is also one

an entrepenuer

An entrepreneur is someone who has an idea for a new business and is prepared to take the financial risk to set it up.

determination

keeps going with the business even though it is not going so well

initiative

acts on oppurtunities

decisive

takes quick decisions