business

5. a good or service which is essential to living
6. - a detailed written document outlining the purpose and aims of a business which is often used to persuade lenders or investors to finance a business proposal
8. the process of producing goods and services to satisfy consumer demand
10. non-tangible products
15. are not enough goods and services to meet the wants of the population
18. the production and supply of goods to the final customer involves activities from primary, secondary and tertiary sector businesses
19. the benefit that could have been gained from an alternative use of the same resource
21. firms that supply a service to consumers and other businesses
22. production is divided into separate tasks and each employee does just one of those tasks

1. unlimited wants cannot be met because there are limited factors of production. This creates scarcity
2. physical goods used by other businesses to help produce other goods and services
3. - a newly formed business. They usually start small, but some might grow to become much bigger
4. firms that process and manufacture goods from natural resources
7. firms whose business activity involves the extraction of natural resources
9. tangible products which are sold to the final consumer
11. the part of the economy that is controlled by the state or government
12. a good or service which people would like, but is not essential to living
13. the resources needed to produce goods_and_services: land, labour, capital and enterprise
14. an economy where the resources are owned and controlled by both the private and the public sectors
16. the part of the economy that is owned and controlled by individuals and companies for profit
17. people and businesses concentrate on what they are best at
20. the amount a business earns from the sale of its products