Commerce quesrions that i wanna assume will come to the exam most prolly

What is production?
the process of turning resources into goods and services
What are needs?
basic necessities that is essential for human survival/existence.
What are wants?
human desires that are not essential for existence.
what is manufacturing?
the process of converting raw materials into finished goods or services by usin large work force such as
machinery.
what is mass production?
this is where goods are produced in large quantities without targeting a specific market.
who are consumers?
induviduals who are willing and are able to buy goods or servies at a given price
what are consumers good?
goods that are sold for the final consumer for consumption.
what are intermediate goods?
goods produced for other businesses
what are capital goods?
goods that are sold for business in order to produce other goods.
what are direct services?
these are services that is directly provided to the consumer also called as personal servies.
it and telecommunications, educations, travelling …
what are commercial service?
help the business to distribute goods. Advertising
domestic economy?
this is the economy of one country
what us trade and aids to trade?
trade is the exchange of good/servies between owners for money and the aids to trade areservies
provided for traders suh as warehouse bla bla
factors of production definition? And wht are the factors of production?
the elements needed for a business to run. Land labor capital and enterprise.
what is land?
this is where the business is located or the natural environment suvh as coal, water,..
who are labor?
people used in the production process
what is capital?
this is the money invested into the business or the raw materials or machinary used in the producton
process
what is an enterprise?
or an entrepreneur is an individual who takes risks by investing into the venture and combines all other
factors of production.
two types of capital?
fixed capital and working capital
working capital? Fixed captials?
the raw materials used in order to rpodcuse the good or services us called a working capital and the
machincary or equipment used in the production prcess is called a fixed capital
whtis mortgage?
long term loan secured with property