Please enable JavaScript.
Coggle requires JavaScript to display documents.
Business Activity C1 - Coggle Diagram
Business Activity C1
Division labour
≈Specialisation
≈ Faster
≈ More. Production
Production process separated into different tasks
Each work do one task
Economic problems
Factors of production:
Land, Capital,
Enterprise, Labour.
Unlimited wants + Unlimited needs = Scarcity
Unlimited wants can’t be met due to limited resources
Opportunity cost
Give up on of the option to gain / next best alternative
Cost: materials
Resources Pay
Added values
Difference in selling price
Cost of materials
Specialisation / product
= Division labour
People and business concentrate at what they are best at
Business/ businesses
Combined factors of production to make products to satisfy wants