Q2 PRODUCTION Flashcards
living and non living things that satisfy human wants
resources
a type of resource that are found in the environment
natural resources
a type of resource that uses abilities, talents, and skills
human resources
the creation of goods and services to satisfy needs and wants
production
four factors of production
land, labor, capital, entrepreneur
land give us
rent
labor give us
wage
varies according to effort
wage
fixed remuneration
salary
capital give us
interest
entrepreneurs gain
profit
what are the entrepreneurial concerns
opportunity cost, productivity, scarcity, market price, and production cost.
ability of a producer to create more units of a good or service than some other producer
absolute advantage
ability of a country to produce a particular product at a lower opportunity cost than another country
comparative advantage
the place where the business or production is being done, or anything natural that can be found
land
a factor of production that is any object that is man made to produce goods and services (like machines, buildings or equipment)
capital
exertion of effort by workers to create goods & services either skilled or unskilled
labor
the head or the brains of the whole business or production and overseas all what is done, while providing fundamental capital to the workers
entrepreneur
how to calculate for profit
income - expenses
resources that are everything manmade used to produce other goods and services
capital/ physical resources
the 3 entrepreneurial concerns
-Opportunity cost
-Productivity
-Scarcity
production cost + the price you want your product to be
selling price
accumulated expenses by the entrepreneur
production cost
price range of a product
market price
