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Chapter 1 Slides

Business activity involves using factors of production like land, labor, capital and enterprise to convert inputs into outputs and add value. Factors of production are scarce so businesses must consider opportunity costs and specialize in certain activities. The purpose of business activity is to meet customer needs and wants by adding value through production and exchange.

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shahanablue
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104 views

Chapter 1 Slides

Business activity involves using factors of production like land, labor, capital and enterprise to convert inputs into outputs and add value. Factors of production are scarce so businesses must consider opportunity costs and specialize in certain activities. The purpose of business activity is to meet customer needs and wants by adding value through production and exchange.

Uploaded by

shahanablue
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Chapter 1

Business Activity
Business Activity
Needs vs Wants
Factors of production
Land
all natural resources are provided by the nature
Labour
Capital
Enterprise
scarcity
Opportunity cost
specialization
Purpose of business activity
Adding value

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