Business Activity
What are the four factors of production?
Land, labor, capital, and enterprise
Businesses owned and controlled by individuals or groups of individuals.
Private sector
Entrepreneur
Is the difference between the selling price of a product and the cost of bought-in materials and production
Added Value
This German luxury car manufacturer is famous for its iconic logo, the three-pointed star.
Mercedes-Benz
This type of business activity involves providing services to customers.
Tertiary sector
Businesses owned and controlled by the government.
Public sector
A document containing business objectives and details about the operations, finance and owners of a new business
A business Plan
A good or service that people would like to have
This American fast-food chain is known for its signature burgers, fries, and milkshakes
McDonalds
This type of business activity processes raw materials into finished goods.
Secondary sector
An economy where both the public and private sectors play a significant role.
Mixed economy
Name one reason governments support start-ups?
Reduce Unemployment
Increase Competition
Increase Output
Benefit Society
Occurs when people and businesses concentrate on what they are best at
Specialization
This American multinational technology company is known for its search engine and other online services
The economic activity of extracting raw materials from the earth.
Primary sector
A decline in the importance of the secondary sector of industry in a country
De-Industrialisation
Occurs when a business expands it's existing operations
Internal Growth
There exists unlimited wants but limited resources to produce the goods and services to satisfy those wants.
The Economic Problem
This American multinational beverage company is known for its carbonated soft drinks, fruit juices, and bottled water.
Coca-Cola
The next best alternative given up by choosing another item
Opportunity Cost
is the money invested into a business by the owners
Capital
When the owners of two businesses agree to join their businesses together to make one business
A Merger
When the production process is split into different tasks and each worker performs one of the tasks. It is a form of specialisation.
Division of Labour
This American department store chain is known for its red and white logo and slogan, "Every Day Low Prices.
Walmart