Business activity

2. physical goods, such as machinery and delivery vehicles, used by other businesses to help produce other goods and services.
4. production is divided into separate tasks and each employee does just one of those tasks.
9. the process of producing goods and services to satisfy consumer demands.
10. products which are sold to the final consumer. They can be seen and touched, for example computers and food.
12. people and business concentrate on what they are best at.

1. the resources needed to produce goods and services – land, labour, capital and enterprise.
3. the benefit that could have been gained from an alternate use of the same resource.
5. there are not enough goods and services to meet the wants of the population.
6. non-tangible products such as insurance services, transport.
7. a good or service which people would like, but is not essential for living.
8. a good or service which is essential to living.
11. unlimited wants cannot be met because there are limited factors of production. This creates scarcity.