1. Business activity at University of Birmingham

Flashcards and summaries for 1. Business activity at the University of Birmingham

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Define need 

Exemplary flashcards for 1. Business activity at the University of Birmingham on StudySmarter:

Define want 

Exemplary flashcards for 1. Business activity at the University of Birmingham on StudySmarter:

What is the economic problem?

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Define factors of production 

Exemplary flashcards for 1. Business activity at the University of Birmingham on StudySmarter:

What are the factors of production? 

Exemplary flashcards for 1. Business activity at the University of Birmingham on StudySmarter:

Define land 

Exemplary flashcards for 1. Business activity at the University of Birmingham on StudySmarter:

Define labour 
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Define capital 

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Define scarcity 

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Define opportunity cost 

Exemplary flashcards for 1. Business activity at the University of Birmingham on StudySmarter:

Define specialisation 
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Importance of specialisation (6) 

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Exemplary flashcards for 1. Business activity at the University of Birmingham on StudySmarter:

1. Business activity

Define need 
A need is a good or service essential for survival 

1. Business activity

Define want 
A want is a good or service which people desire but it is not essential for survival 

1. Business activity

What is the economic problem?

The economic problem is that there is unlimited wants but limited resources to produce the goods and services to satisfy peoples needs and wants, this results in scarcity. 

1. Business activity

Define factors of production 
The factors of production are those resources needed to produce goods and services. 

1. Business activity

What are the factors of production? 
  • Land 
  • Labour 
  • Capital 
  • Enterprise 

1. Business activity

Define land 
Land is not only land itself but the natural resources found in the earth and sea. 

1. Business activity

Define labour 
Labour is the number of people available to make products using their skills. 

1. Business activity

Define capital 
Capital is human-made resources such as finance, machinery and equipment used in the production of other goods and services. 

1. Business activity

Define scarcity 
Scarcity is the lack of sufficient products to satisfy all consumer needs and wants. 

1. Business activity

Define opportunity cost 
Opportunity cost is the cost of choosing between alternative uses of resources, choosing one use always means giving up the opportunity to use resources in another way. 

1. Business activity

Define specialisation 
Specialisation is the process of people and organisations concentrating on and becoming experts in a particular skill in which they are best at. 

1. Business activity

Importance of specialisation (6) 
  • greater efficiency and productivity 
  • workers don't have to move between jobs, this leads to a lower cost of production. 
  • time is saved as workers become more efficient in a particular job. 
  • workers become experts 
  • production level increases 
  • workers can bargain for better wages 

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