Opportunity cost is the figurative cost incurred when money is invested in a specific opportunity versus other available alternatives. […]
Category: Business In The Real World
Enterprise: as a factor of production
Enterprise is starting and steering a project from a potential solution to a commercial problem and into a profitable, successful, sustainable business. […]
Capital: as a factor of production
Capital refers to a business’s financial or investment capacity to deploy resources necessary for operations, growth, or expansion. […]
Labour: as a factor of production
Labour comprises the collective personal effort of workers performing tasks within a business. By labour, business inputs are transformed into marketable products or services. […]
Land: as a factor of production
In certain industries, land directly supports the provision of goods or services. In such cases, land plays an integral role in production. […]
Customer needs vs. wants
Customer needs are essential requirements – they are considered necessary to well-being. Customer wants are non-essential desires (thought to be unnecessary) but pleasurable to have. […]