unit 1: production & factors of production Flashcards
manufacturing
use of resources to make physical goods
consumer goods
goods purchased by people
intermediate goods
goods produced for businesses
capital goods
goods used to produced other goods
commercial services
activities which assist trade to function
aids to trade
services provided to traders
commerce
ACTIVITIES that ASSIST the EXCHANGE & DISTRIBUTION of GOODS and SERVICES
indirect services
SERVICES provided by COMMERCIAL ENTERPRISES to SUPPORT businesses IN THE TRADING PROCESS
factors of production
resources used to produce goods & services
workforce
all the employed people
working/circulating capital
resources used up in production
fixed capital
stock of manmade resources
* used to help make goods and services
accrue
accumulation of benefits (money) over time
venture
business activity with risks involved
