Unit 1

the next best alternative forgone

• Production possibility curve

• Scarcity

• opportunity cost

• economic problem

natural resources

• Labour

• Enterprise

• Land

• capital

The first stage of production and includes extracting or growing resources.

• Tertiary sector

• Public sector

• Secondary sector

• Primary sector

occurs in a transformation process when outputs are produced that are worth more than the inputs brought in to provide them

is a name, design, logo, symbol or indeed anything that makes a product recognizable and distinguishes it from the competition in the eyes of the cusomer

are individuals who take the risk to create or start a new business or project.

The reward for enterprise

• rent

• wage

• profit

• interest

it is not the characteristic of a successful entrepreneur

• well-rounded

• able to bounce back

• risk taker

• low self-esteem

these are the ways how the governments help entrepreneurs, except ...

• provide funding such as grands to help with the initial start-up costs

• make legal protection for a new ideas. For example, a patent

• Give access to advise and useful information

• Set a higher corporation tax to the businesses

If a the government sells one of its organizations to the private sector, this is called ...