How scarce resources are distributed between competing uses.

This type of production requires the set quantities of a good to be produced. This is most common when there is a moderate quantity of a good that needs to be produced at a given time.

This is the unit per production of a firm

This is the exchange of goods and services between two or more parties without the use of money

These productions require a high financing cost in order to produce goods and services.

This is the procedure of breaking down of different jobs in a production process into smaller jobs so that one can specialise in the work he or she does.

These are the cost advantages gained by companies when production becomes efficient

How a country decides what to produce, how to produce and for whom to produce is called its economic system

Also known as mass production,this production method employs an assembly line system where the goods get completed along the line with various parts getting fixed to it and completed at the end.

These are materials used in the production process to produce output. These include Land, Labour, Capital and Entrepreneurship.

The hospitality industry is a broad category of fields within the service industry that includes lodging, food and drink service, event planning, theme parks, and transportation. It includes hotels resorts and guest houses.

Certain goods require to be produced for a job. In job production each job is unique

This is an economic concept whereby when one factor of production remains constant and the other factors increase.

this method of production require a higher number of workers in order to produce goods and services

Also known as flow production, mass production employs an assembly line system where the goods get completed along the line with various parts getting fixed to it and completed at the end.

This is the change in output resulting from employing one more unit of a particular input.

An economy where consumers determine what is produced, resources are allocated by the price mechanism and land and capital are privately owned.

The economic factors affecting the price of demand for and availability of a commodity, in other words the market forces of demand and supply.

An economy in which both the private and public sectors play an important role.

An economy where government makes the critical decisions, land and capital are state owned and resources allocated by directives.

Industry that extracts raw materials from the earth, such as coal, fish or wheat.

This is an object or system made available for consumer use.

This is a process of combining various inputs in order to make something for consumption (Output)

Is the amount of output that can be produced from a given input of resources.

Output divided the input

Raising customer awareness of a product or brand, generating sales, replace to create brand loyalty.

Industry that processes primary products or Raw materials into final products.

This is an Industry that provides a service.

Is the overall quantity of output that a firm produces.

They cherish tradition and value which could result in low economic growth due to less exploitation of natural resources.