Chapter 3: Entrepreneurship (Key Terms)

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.