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Factors of Production
Miscellaneous
Business Classification
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Business Growth and Mergers
100
Oil under ground
What is Land
100
The choice between buying a new sweater or a new toy
What is opportunity cost
100
Sector of business consisting of businesses owned by individuals or groups. Largest sector in US economy
What is private sector
100
all businesses depend on other businesses and even local government services
What is interdependence
100
A grocery chain buying another grocery chain
What is a horizontal merger
200
Machinery
What is Capital
200
Taking basic materials and making them into a product which consumers will buy
What is Adding Value
200
Consists of Government agencies, library, road department, etc
What is public sector
200
A product goes through this process from raw materials to finally being sold to the customer
What is The Chain of Production
200
A car manufacturer buying a parts manufacturer
What is a backward merger
300
The guy who cooks burgers at McDonald's would be in this category
What is Labor
300
Items of limited availability that can be used in human activity
What are resources
300
Farming, fishing, mining are in this category
What is Primary sector
300
Sales value, number of employees, revenue, market cap
What are ways to measure business size
300
One company gaining control over another
What is a takeover
400
The risk takers and people with new business ideas would be in this category
What is Entrepeneur or enterprise
400
Destruction of the countryside by building a factory
What is Social Cost or external Cost
400
Banking, financial services, health care are in this sector
What is Tertiary sector
400
As a firm gets larger, it can get better prices from its suppliers because it buys more and more supplies from them
What is economies of scale
400
A means by which a company can grow through merger, takeover, or joint venture
What is external growth
500
The finance that is needed to start and operate a business
What is Capital
500
External Benefits or Social Benefits could include
What is Less traffic congestion, reduced pollution, increased employment, improved economy, more jobs
500
manufacturing and construction are in this sector
What is secondary sector
500
Tangible products that can be touched or consumed
What are Goods
500
Merger that occurs where the products of the companies involved are unrelated
What is conglomerate merger