business lessson 1(business activity)

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Last updated 11:56 AM on 8/28/26
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8 Terms

1
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Factors of Production

The resources used to produce goods and services, typically categorized into land, labor, capital, and entrepreneurship.

2
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Added Value

The additional worth created by a business when it transforms inputs into outputs, calculated by subtracting the cost of inputs from the price of finished goods.

3
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Formula for Added Value

Added Value = Selling Price - Cost of Inputs.

4
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Ways a Business Can Add Value

  1. improving quality of product

  2. Unique features

  3. Branding

  4. Convenience

  5. Customer service


5
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Opportunity Cost

The cost of forgoing the next best alternative when making a decision.

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What are the 4 factors of production

Land,labor,capital,enterprise

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What are the rewards of the 4 factors

Land-rent

Labour-wages/salery

Capital-interest

Enterprise-profit

8
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