| Term | Definition |
|---|
| Diversification | increasing the range of variety,such as when a firm take over another firm in an unrelated industry and develop into an industrial combine or conglomerate |
| Horizontal Integration | Firms join at the same stage of production in the same industry |
| Vertical Integration | Where a firm develops market power by integration with different stages of production in the industry |
| Specialisation | A worker,a region or a country concentrates on the production of one type of output and become skillful in the job |
| Division of Labour | Splitting of a specialist job into a number of seperate tasks each being handled by an individual worker,perhaps on a production line |
| Renewable Resources | Resources that can naturally regenerate(grow again) |
| Capital Resources | Input of human-made resources such as macinery,equipment,inventories |
| Human Resources | Workers used in the production process. The labour force includes those eligible to work |
Combine with other sets
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