Glossary of key terms: What is a business?

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Across
  1. 2. the process of increasing the worth of a product or service by improving it or enhancing its appeal to customers, so that the final selling price exceeds the cost of inputs.
  2. 4. the business function concerned with managing people—recruiting, training, motivating, and maintaining an effective workforce.
  3. 5. the business function responsible for managing money, recording transactions, and analyzing financial information to support decision-making.
  4. 7. the function that converts raw materials and resources into finished goods or services efficiently and effectively.
  5. 9. desires for goods and services that are not essential for survival but improve quality of life.
  6. 10. the part of the economy that provides services to consumers and businesses rather than producing goods.
  7. 13. the basic requirements essential for human survival, such as food, water, clothing, and shelter.
  8. 14. people who take the initiative to set up, organize and manage a business, assuming the financial risks in the hope of earning a profit.
  9. 15. an organization that produces goods and/or provides services to satisfy customer needs and wants, usually with the aim of making a profit.
  10. 16. the part of the economy concerned with manufacturing and construction—transforming raw materials into finished products.
  11. 17. the part of the economy involved in extracting natural resources, such as farming, fishing, mining, or forestry.
  12. 19. intangible activities that provide value to customers, such as education, banking, or transport.
  13. 20. the process of combining inputs or resources to create goods or services that have value.
  14. 21. physical and tangible products that can be seen, touched, and stored, such as clothing, cars, or computers.
Down
  1. 1. the difference between the selling price of a product and the cost of the materials and components used to produce it.
  2. 3. individuals or organizations that buy goods or services from a business; they may or may not be the end users.
  3. 6. the process of identifying and meeting customer needs profitably through market research, product design, pricing, promotion, and distribution.
  4. 8. the part of the economy focused on knowledge-based activities like research, information technology, and consultancy.
  5. 11. the resources required to produce goods and services—typically land, labour, capital and enterprise.
  6. 12. the process of starting and running a new business venture, involving creativity, risk-taking, and decision-making to exploit business opportunities.
  7. 18. individuals or groups who use goods and services to satisfy their needs and wants.