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14 Cards in this Set
- Front
- Back
B2C BUSINESS |
Business activity where the business sells goods and services to a final customer |
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B2B BUSINESS |
Business activity where the business sells goods and services to another business |
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C2C BUSINESS |
Business activity where consumers exchange goods and services often facilitated by a third party such as an online auction site |
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TRANAFORMATION PROCESS |
The process in which businesses take factor inputs and process them to produce outputs which are then sold |
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FACTORS OF PRODUCTION |
A clasification of inputs used in business activity which include land, labour, capital and enterprise |
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LAND |
All the natural resources of the earth which can be used in production |
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LABOUR |
All the human effort, mental and physical, which is used in production |
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CAPITAL |
Any item used in production which is not used for its own sake but for what it contributes to production |
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ENTERPRISE |
The act of taking risks in the organization of factors of production to generate business activity |
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ADDED VALUE |
The difference between the cost of factor inputs into production and the amount consumers are prepared to pay |
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MICROECONOMIC ENVIRONMENT |
Factors and issues that affect an individual firm operating in a particular market or industry |
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MACROECONOMIC ENVIRONMENT |
The national or global economy within which the business operates |
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TECHNOLOGY |
The application or use of knowledge in some way which enables individuals or businesses to have greater control over their environment |
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SHAREHOLDER VALUE |
The overall value delivered to the owners of business in the form of cash generated and the reputation and potential of the business to continue growing over time. |