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Unit One "Business Activity"
IBBM Key Terms
17
Business
10th Grade
05/24/2009

Additional Business Flashcards

 


 

Cards

Term
Barter System
Definition
a system of exchange which involves the swapping of goods between individuals
Term
Capital Goods
Definition
goods used to produce other goods, such as tools, equipment and machinery
Term
Consumers
Definition
individuals who use or "consume" goods and services to satisfy their needs and wants
Term
Consumer Goods
Definition
goods produced for general use by the public. They can be durable and non-durable
Term
Customers
Definition
individuals who buy goods and services supplied by businesses
Term
De-industrialisation
Definition
the decline in manufacturing
Term
Division of labour
Definition
specialisation in specific tasks or skills by individuals
Term
Factors by production
Definition
resources used by business to produce goods and services
Term
Markets
Definition
anywhere that buyers and sellers communicate to exchange goods and services
Term
Money
Definition
any substance which is generally accepted as a means of exchange
Term
Needs
Definition
human requirements which must be satisfied for survival
Term
Primary production
Definition
activites which involve the extraction of raw materials from the earth and the growing of food
Term
Secondary Production
Definition
activites such as manufacturing which transform raw materials into finished goods
Term
Specialisation
Definition
in business, the production of a limited range of goods
Term
System
Definition
parts that work together to achieve an objective, a system can be a communications system, a business, an economic or political system
Term
Tertiary Production
Definition
activities which involve the provision of services
Term
Wants
Definition

human desires which are unlimited

 

for example: desire for money

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