Resource & Production
The human effort, physical or mental, used to produce goods or services. Starts with L
Question: What is Labour?
The specific group of customers a business aims to sell to. 2 words, starts with T
What is a Target market?
The total value of goods and services a country produces in a year. 3 words, _._._
x2 points if you can name the whole thing
What is the GDP?
Gross domestic product
A problem caused by society's attitudes or inequality that blocks success in business. 2 words, starts with S
What is a Social barrier?
Continuously changing, active, or full of energy. Starts with D
What is Dynamic?
A resource that cannot be easily replaced once used (e.g., oil, coal). 2 words, Non-______
What is Non-renewable?
An advantage that lets a business outperform its rivals. 2 words, starts with C_______ ____
What is a Competitive edge?
The cost advantage gained by producing goods in larger quantities. 3 words, starts with E
What are Economies of scale?
Competing businesses or individuals wanting the same customers. Starts with R
What are Rivals?
Including people or things that are very different from one another. Starts with D
What is Diverse?
The four basic resources needed to produce goods: land, labour, capital, enterprise. 3 words, _____ of ________
What are Factors of production?
A long-term plan of action designed to achieve a business goal. Starts with S
What is a Strategy?
The value of the next best option given up when making a choice. 2 words, starts with O
What is Opportunity cost?
A weakness or restriction that reduces what can be achieved. Starts with L
What is a Limitation?
Not following moral principles of right and wrong. Starts with Un______
What is Unethical?
The complete list of goods a business has on hand to sell. Starts with I
What is Inventory?
To set up or create something meant to last. Starts with E
What is to Establish?
The cost of borrowing money, or money earned on savings. Starts with I
What is Interest?
To use someone or something unfairly for your own advantage. Starts with E
What is to Exploit?
Large in amount, size, or importance. Starts with S
What is Substantial?
Limited supplies of materials, workers, or money that must be used carefully. 2 words, starts with S
What are Scarce resources?
A business project that involves risk in hopes of profit. Starts with V
What is a Venture?
To change often, and sometimes unpredictably, in price or level. Starts with F
What is to Fluctuate?
Dirty or unsafe in a way that could cause illness. Starts with U
What is Unhygienic?
The drive to take action and make decisions without being told. Starts with I
What is Initiative?