The difference between a product's price and the total cost of the inputs that went into making it. It is extra worth created in the production process.
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Businesses
Organisations involved in the production of goods and/or the provision of services.
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Capital
It refers to all non-natural resources used in the production process. An example is money, but the term also includes resources such as machinery, tools, equipment and factories.
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Division of labour
It refers to the specialisation of workers in the provision of goods and/or services by breaking a job down into particular roles or tasks that are repeated by the same workers.
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Entrepreneurs
People who manage, organise and plan the other three factors of production. They are risk takers who exploit business opportunities in return for profit.
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Other cards in this set
Card 2
Front
Organisations involved in the production of goods and/or the provision of services.
Back
Businesses
Card 3
Front
It refers to all non-natural resources used in the production process. An example is money, but the term also includes resources such as machinery, tools, equipment and factories.
Back
Card 4
Front
It refers to the specialisation of workers in the provision of goods and/or services by breaking a job down into particular roles or tasks that are repeated by the same workers.
Back
Card 5
Front
People who manage, organise and plan the other three factors of production. They are risk takers who exploit business opportunities in return for profit.
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