Share Focus Mode


  1. 5. a good or service which is essential to living
  2. 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
  3. 8. the process of producing goods and services to satisfy consumer demand
  4. 10. non-tangible products
  5. 15. are not enough goods and services to meet the wants of the population
  6. 18. the production and supply of goods to the final customer involves activities from primary, secondary and tertiary sector businesses
  7. 19. the benefit that could have been gained from an alternative use of the same resource
  8. 21. firms that supply a service to consumers and other businesses
  9. 22. production is divided into separate tasks and each employee does just one of those tasks
  1. 1. unlimited wants cannot be met because there are limited factors of production. This creates scarcity
  2. 2. physical goods used by other businesses to help produce other goods and services
  3. 3. - a newly formed business. They usually start small, but some might grow to become much bigger
  4. 4. firms that process and manufacture goods from natural resources
  5. 7. firms whose business activity involves the extraction of natural resources
  6. 9. tangible products which are sold to the final consumer
  7. 11. the part of the economy that is controlled by the state or government
  8. 12. a good or service which people would like, but is not essential to living
  9. 13. the resources needed to produce goods_and_services: land, labour, capital and enterprise
  10. 14. an economy where the resources are owned and controlled by both the private and the public sectors
  11. 16. the part of the economy that is owned and controlled by individuals and companies for profit
  12. 17. people and businesses concentrate on what they are best at
  13. 20. the amount a business earns from the sale of its products