| A | B |
|---|
| FINANCIAL SERVICES | GIVES FINANCIAL ADVICE AND LETS FIRMS BORROW MONEY |
| TRANSPORT SERVICES | PROVIDES A WAY TO GET PRODUCTS TO MARKET |
| COMMUNICATION SERVICES | LETS PEOPLE GET IN TOUCH WITH EACH OTHER |
| ACCOUNTING SERVICES | PROVIDES FINANCIAL ADVICE AND STATEMENTS OF FINANCIAL PERFORMANCE |
| MARKETING SERVICES | PRICE, PACKAGING AND PROMOTION |
| MARKETING CHANNEL | PRODUCER - WAREHOUSE - RETAILER - CONSUMER |
| RENEWABLE RESOURCE | IS NOT DEPLETABLE CAN REGENERATE IN OUR LIFETIME |
| NON-RENEWABLE | DEPLETABLE- CAN NOT REGENERATE IN OUR LIKETIME. |
| NATURAL RESOURCE | A RESOURCE THAT IS PROVIDED BY NATURE (COMES FROM THE LAND) |
| CAPITAL RESOURCE | MANMADE GOOD USED TO PRODUCE ANOTHER GOOD. |
| HUMAN RESOURCE | LABOUR |
| ENTREPRENEUR | THE LEADERS AND MANAGERS |
| PRODUCTIVE CAPITAL | FIXED ASSETS SUCH AS BUILDINGS |
| CIRCULATING CAPITAL | SEMI-FINISHED GOODS THAT GO INTO MAKING ANOTHER GOOD. |
| CONSERVATION | THE PROTECTING OF NATURAL RESOURCES |
| PRODUCTIVITY | OUTPUT / INPUT OR OUTPUT PER WORKER |
| PRODUCTION | THE BRINGING INTO EXISTENCE OF GOODS AND SERVICES |
| INVESTMENT | THE BUYING OF CAPITAL GOODS |
| TECHNOLOGY | CAPITAL GOODS AVAILIBLE FOR THE PROCESSES AND METHODS OF PRODUCTION |
| DIVISION OF LABOUR | SPLITTING UP OF A JOB INTO SEPRATE TASKS |
| SPECIALISATION | THE CONCENTRATION ON THE PRODUCTION OF ONE GOOD OR SERVICE. |
| ECONOMIES OF SCALE | OUTPUT INCREASES AND AVERAGE COSTS OF PRODUCTION DECREASE |
| DISECONOMIES OF SCALE | AS OUTPUT INCREASES AND AVERAGE COST OF PRODUCTION INCREASES |
| HORIZONTAL INTEGRATION | WHEN A FIRM BUYS ANOTHER FIRM IN AT SAME STAGE OF THE PRODUCTION PROCESS |
| VERTICAL INTEGRATION | WHEN A FIRM BUYS ANOTHER FIRM IN THE SAME INDUSTRY BUT AT A DIFFERENT STAGE OF THE PRODUCTION PROCESS |
| DIVERSIFICATION | WHEN A FIRM BUYS ANOTHER FIRM IN A TOTALY UNRELATED INDUSTRY. |
| ECONOMIC FACTORS AFFECTING OUTPUT | COSTS OF PRODUCTION, LEVEL OF TECHNOLOGY, PRICE OF COMMODITIES, PRICES OF RELATED COMMODITIES. |
| NON-ECONOMIC FACTORS AFFECTING OUTPUT | ENVIRONMENTAL REASONS, LEGAL REASONS, TRADE RESTRICTIONS, POLITICAL REASONS. |
| LEGAL REASON | ZONING LAWS |
| MERIT GOODS | GOODS GOVERNMENT THINK ARE "GOOD" FOR US. |
| DEMERIT GOODS | GOODS THE GOVERNMENT THINKS ARE "BAD" FOR US. |
| POLITICAL FACTOR | INDIRECT TAX (GST) |
| QUOTA | A LIMIT PUT ON GOODS COMING INTO THE COUNTRY |
| TARIFF | A TAX PUT ON GOODS COMING INTO THE COUNTRY. |
| A RELATED GOOD FOR BUTTER WOULD BE | CHEESE. |
| RELATED GOOD | A GOOD THAT CAN BE PRODUCED FROM THE SAME RAW MATERIAL AS THE ORIGINAL GOOD. |
| SUPPLY | WHAT A PRODUCER IS BOTH WILLING AND ABLE TO PRODUCE / SUPPLY AT A GIVEN PRICE. |
| SUPPLY SCHEDULE | A TABLE THAT SHOWS HOW MUCH A PRODUCER IS WILLING TO SUPPLY AT A RANGE OF PRICES. |
| A CHANGE IN PRICE WILL | CAUSE AN IN INCREASE IN THE QUANTITY SUPPLIED |
| A CHANGE IN CETERUS PARIBUS WILL | CAUSE A SHIFT OF THE SUPPLY CURVE AND A CHANGE IN SUPPLY. |
| ECONOMIC FACTORS WHICH CAUSE A CHANGE IN SUPPLY | COST OF PRODUCTION, THE PRICE OF OTHER GOODS (RELATED GOODS), IMPROVEMENT IN THE LEVEL OF TECHNOLOGY. |
| NON-ECONOMIC FACTORS THAT CAUSE A SHIFT OF THE SUPPLY CURVE. | ENVIRONMENTAL FACTORS, LEGAL FACTORS, TRADE RESTRICTIONS, POLITICAL FACTORS. |
| EXAMPLES OF LEGAL FACTORS | ZONING, PACKAGING AND LABELLING REQUIREMENTS, HEALTH AND SAFETY ACT. |
| EXAMPLES OF TRADE FACTORS INCLUDE | QUOTAS AND TARIFFS. |
| EXAMPLES OF POLITICAL FACTORS | SALES TAXES, SUBSIDIES. |
| IMPLICATIONS OF A SHIFT TO THE LEFT OF THE SUPPLY CURVE ARE | LESS EMPLOYMENT, LESS PROFIT, LESS INCOME. |
| IMPLICATIONS OF A SHIFT TO THE RIGHT OF THE SUPPLY CURVE ARE | MORE EMPLOYMENT, MORE PROFIT, MORE INCOME. |
