Starting a Business-Transforming Resources Into Goods and Serivices

Question 0

Factors of production

Answer 0

The four elements-land,labour,capital,and enterprise-used in the production of goods and services.

Question 1

Resources

Answer 1

The element that go into producing goods and services.

Question 2

Production

Answer 2

The process whereby resources are converted into a form that is intended to satisfy the requirements of potential customers.

Question 3

Output

Answer 3

The finished products resulting from the transformation process.

Question 4

Primary sector

Answer 4

Extraction of the raw materials

Question 5

Secondary sector

Answer 5

Processing/refinement of raw materials

Question 6

Tertiary sector

Answer 6

Provision of a service

Question 7

Adding value

Answer 7

The process of increasing the worth of resources by modifying them.

Question 8

Value added

Answer 8

Sales revenue minus the cost of brought in materials,components and services.

Question 9

USP

Answer 9

A feature of a product or service that allows it to be differentiated from other products.