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