Business Definitions: Section 2

3. When one business merges with or takes over another one in the same industry but at a different stage of production. Vertical integration can be forward or backward.
4. When a business takes over or merges with another business. It is often called integration as one business is integrated into another one.
5. What number 15 is also known as.
7. A […] or acquisition is when one business buys out the owners of another business, which then becomes part of the ‘predator’ business (the business which has taken it over).
8. When one business merges with or takes over another one in the same industry at the same state of production.
10. This occurs when there is a decline in the importance of the secondary, manufacturing sector of industry in a country.
11. The […] of industry provides services to consumers and the other sectors of industry.
16. Occurs when a business expands its existing operations.
17. When the owners of two businesses agree to join their businesses together to make one business.

1. The money invested into a business by the owners.
2. The […] of industry extracts and uses the natural resources of Earth to produce raw materials used by other businesses.
6. The […] of industry manufactures goods using the primary sector.
9. A […] has both a private sector and a public (state) sector.
12. The total value of capital used in the business.
13. A document containing the business objectives and important details about the operations, finance and owners of the new business.
14. A person who organises, operates and takes the risk for a new business venture.
15. When one business merges with or takes over a business in a completely different industry.