Business Activity

3. A factor of production; any human input used in production (e.g Farmers, Factory Workers)
7. Something that we desire but do not need (e.g Watch, Phone)
9. The difference between selling price of a product and the cost of bought in materials; allows businesses to make profits.
10. The economic problem in which limited resources are not able to satisfy individuals' unlimited wants.
11. Specialization is efficient and allows workers to have less strain. Advantage or Disadvantage?
12. The next best alternative given up in a choice.

1. A factor of production; any man-made good that helps the production process (e.g Machines, Trucks)
2. When the production process is separated so that workers can concentrate on what they are best at, maximizing efficiency.
4. A factor of production; someone that coordinates the other factors of production and takes the risks involved in production (e.g CEO, Manager)
5. I could get a new car or go on holiday. I choose the car. What is the opportunity cost?
6. A factor of production; any natural resource used to produce goods or services (e.g Oil, Natural gases)
8. An essential good or service (e.g Food, Water)