Business Activity

2. are resources required to produce goods or services.
3. Non-tangible products which are sold to final consumer such as insurance
8. It is the amount of value the business has added to the raw materials by turning it into finished products to gain more profits
11. the natural resources that can be obtained from nature. This includes minerals, forests, oil and gas.
12. when there are unlimited wants and limited resources to produce the goods and services to satisfy those wants
14. is the process of producing goods and services to satisfy consumer demand.
16. it is when a person or organization concentrates on a task at which they are best at

1. are those goods which are sold to final consumer.
4. are goods which can be used to produce other goods or services
5. is the next best alternative forgone by choosing another item
6. the finance, machinery and equipment needed for the production of goods and services.
7. a good or service essential for living. Examples include water and food and shelter.
9. the risk-taking ability of the person who brings the other factors of production together to produce a good or service.
10. the physical and mental efforts put in by the workers in the production process.
13. is any organization that uses all the factors of production (resources) to create goods and services to satisfy human wants and needs.
15. a good or service that people would like to have, but is not required for living. Examples include cars and watching movies.