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  1. 2. Involves the takeover of another business or merger with another business.
  2. 5. The benefit that could have been gained from an alternative use of the same resource.
  3. 9. Non-tangible products such as insurance services, transport.
  4. 10. When there are not enough goods and services to meet the wants of the population.
  5. 13. Concerned with using natural resources. They include farming, mining and oil drilling; sometimes produce raw materials like iron ore and oil.
  6. 14. Good or services which people would like, but not essential for living.
  7. 15. The part of the economy where the resources are owned and controlled by both the private and public sectors.
  8. 17. Products which are sold to the final consumer, they can be seen and touched, for example computers and food.
  9. 20. Able to cut costs and win a greater share of the market; develop new products or sell to new markets; can be external or internal.
  1. 1. Investing in new products or selling more of existing products.
  2. 3. Concerned with making and assembling products; manufacturers use raw materials and parts from other industries.
  3. 4. The process of producing goods and services to satisfy consumer demand.
  4. 6. The part of the economy that is owned and controlled by the state or government.
  5. 7. Goods or services that are essential to living.
  6. 8. Give something of value to people, but are not physical goods like cinema, or a lesson. Other examples include banks keeping your money safe, public transport carrying people around etc.
  7. 11. Physical goods, such as machinery and delivery vehicles, used by other businesses to help produce other goods and services.
  8. 12. A complete description of a business and its plans for the next one to three years.
  9. 16. Unlimited wants cannot be met because ere are limited factors of production, this creates scarcity.
  10. 18. Takes risks in a business
  11. 19. A mix of private sector and public sector enterprises.