factors of production

the resources used to produce goods and services, typically categorized into land, labor, capital, and enterprise.

labour

refers to the human workforce and the skills and effort they contribute to producing goods or services.

opportunity cost

the value of the next best alternative that is foregone when a business makes a choice.

not for profit organisations

a business that prioritizes a social, charitable, or public cause over generating private profit for its owners

revenue

total income a business earns from its primary activities, such as selling goods or services. also known as turnover and sales