Unit 1

3. The next best alternative given up by choosing another item.
4. A business owned and controlled by one person
8. Manufactures goods using the raw materials provided by the primary sector.
13. Occurs when people and businesses concentrate on what they are best at.
14. The difference between the selling price of a product and the cost of bought-in materials and components.
15. When a business takes over or merges with another business. It is often called integration as one business is integrated into another one.
17. A document containing the business objectives and important details about the operations, finance, and owners of the new business.
18. The total value of capital used in the business.
19. Extracts and uses the natural resources of Earth to produce raw materials used by other businesses.
20. Liability of shareholders in a company is limited to only the amount they invested.

1. A form of business in which two or more people agree to jointly own a business.
2. Resources needed to produce goods or services.
5. Person who organises, operates, and takes the risk for a new business venture.
6. When a business expands its existing operations.
7. A good or service which people would like to have, but which is not essential for living.
9. The money invested into a business by the owners.
10. Liability is not limited to the investment they made in the business.
11. A good or service essential for living.
12. Has both a private sector and a public sector.
16. Provides services to consumers and the other sectors of industry.