The goods and services which enterprises produce can be used to classify all of the country's businesses into one of five different sectors of the economy.
Posts tagged as “production process”
An entrepreneur is someone who plans, organizes and manages a business organization willingly taking on potentially high financial and personal risks.
One feature of modern business is specialization. Specialization is production of a limited range of goods by an individual person, firm, region or country.
Businesses add value by turning raw materials into goods and services that they can sell to consumers. A business will add value in the production process.
Businesses require resources for the production of goods and services. The resources used in the production processes are called factors of production.
The production process is the process of turning inputs into outputs. Inputs are resources and outputs are final products: goods and services.