OPPORTUNITY COST - The second best option when choosing between two different items. , ADDED VALUE - The difference between the selling price of a finished product and the cost of the materials needed to manufacture it. , SPECIALISATION - Concentrating on what a person or a business is best at., DIVISION OF LABOUR - Distributing tasks among a group of workers. , PRODUCER GOODS - Goods sold to other businesses to help them in their production process. , CONSUMER SERVICES - Tasks performed for customers, like hairdressing., BANKING - A tertiary stage activity., FOOD FACTORY - A secondary stage activity., FORESTRY - A primary stage activity., ENTREPRENEUR - A factor of production.,

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