vocabulary business

3. the benefit that could have been gained from an alternative use of the same resource
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
7. production is divided into separate tasks and each employee does just one of those tasks
11. people and businesses concentrate on what they are best at
14. firms whose business activity involves the extraction of natural resources
15. firms that supply a service to consumers and other businesses
16. physical goods used by other businesses to help produce other goods and services
17. unlimited wants cannot be met because there are limited factors of production. This creates scarcity
19. a good or service which is essential to living
20. a newly formed business. They usually start small, but some might grow to become much bigger
22. the part of the economy that is owned and controlled by individuals and companies for profit
23. the resources needed to produce goods and services: land, labour, capital and enterprise

1. the part of the economy that is controlled by the state or government
2. the process of producing goods and services to satisfy consumer demand
4. non-tangible products
5. the amount a business earns from the sale of its products
8. tangible products which are sold to the final consumer
9. a good or service which people would like, but is not essential to living
10. the production and supply of goods to the final costumer involves activities from primary, secondary and tertiary sector businesses
12. an individual who has an idea for a new business and takes the financial risk of starting up and managing it
13. an economy where the resources are owned and controlled by both the private and the public sectors
18. firms that process and manufacture goods from natural resources
21. there are not enough goods and services to meet the wants of the population