UNIT 1: Business activity

Need: *nhu cu* goods or services essential for life like food,
water, shelters.
I need food now.
Want: *mong mun* goods or services which people would like to
have but is not essential for life.
I want to eat immediately.
Land: *ti nguyn thin nhin* natural resources included fields,
forests, oil, gas, metals and other mineral resources.
The government is buying the owners land.
Labour: *nhn cng* the number of people available to work.
We need more labour to run this business.
Value added: *gi tr gia tang* the difference between the
selling price of a product and the cost of the bought-in materials.
He wanted to increase the value added of his company
business.
Enterprise: *doanh nghip* people who is ready take risks from
their built-up business.
Sia Wills is a successful enterprise in selling clothes.
Specialization: *chuyn mn* when people and businesses
concentrate on what they are best at.
This companys specialization is to produce fresh food.
Division of labour: *phn cng lao ng* the production is split
into parts and each worker performs one of those parts.
Division of labour raises output per person as people
become proficient through constant repetition of a task.
Opportunity cost: *la chn b loi*the next best alternative
given up by choosing another thing.

This building is an opportunity cost because the

government decided to build the hospital instead.
Scarcity: *s khan him* the lack of sufficient products to fulfil
the total wants.
This country has a serious case of scarcity.