business flash cards - unit 1
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14 Terms
entrepreneur
an individual who takes risks to gain a reward
an need?
products that are essential to survival
a want
products that are not essential and are desired for comfort or luxury.
what is a good
a tangible item that satisfies human wants or needs.
a service
non-physical items such as hairdressing
opportunity cost
the value of the next best alternative lost , when we make a choice
what are the factors of production
the elements needed for businesses to opperate. capital,enterprise,land,labour
inflation
the rate at which price are increasing
what are the 3 business sectors
primary and secondary and tertiary
an enterprise
a business or a company
what is entrepreneurship
is the act of creating new business ideas and taking opportunities
Note 
Flashcards (73)