1. Enterprise BUS1 2. Key wordsEnterprise: process by which new businesses are formed andnew products are formed and new products and services arecreated and bought to the…

* CHAPTER 4 The Production Process of Firms 4.1 Production and Firm 4.2 Cost and Profit: Economics and Accounting Concepts 4.3 The Production Decision 4.4 The Production…

Slide 1Factors of production Sept 2005 Slide 2 Business Activity involves using Factors of Production FACTORS OF PRODUCTION are….. LAND = somewhere to work from. LABOUR…

1.COST of PRODUCTION Price of a good which is determined by the sum of the costs of the resources that went into making itCOST REVENUE PROFIT2. OPPORTUNITY COSTThe value…

1. Working With CustomersUnit 6 2. The Marketing Concept1. How does the marketing concept change the focus of the marketing campaign?2. Why are marketers concerned with the…

1. Economicsis the study of how we make the best possible use of scarce resources in order to satisfy theneeds and wants of as many people as possible. 2. You can’t have…

19 | Page As described in Chapter 1, accounting systems measure costs that managers use for external reports, decision making, and controlling the behavior of people in the…

FYI: Who Studies Economics? Ronald Reagan, President of the United States Barbara Boxer, U.S. Senator Sandra Day-OâConnor, Former Supreme Court Justice Anthony Zinni, Former…

1 Unit 1: Basic Principles of Economics Standard 1: Scarce Resources, Krugman Module 1 What is the science of economics? What is the difference between macro and micro? Economics--The…

Slide 1 Chapter 4 Financial Decisions and Planning Slide 2 Slide 2 What Are Needs and Wants? 4-1 Resources and Choices Needs are things you must have. o Examples: food, clothing,…