Across
- 1. the amount a business earns from the sale of its products.
- 3. a business that does not have legal identity separate from its owners. The owners have unlimited liability for business debts.
- 6. an individual who has an idea for a new business and takes the financial risk of starting up and managing it.
- 12. physical goods, such as machinery and delivery vehicles, used by other businesses to help produce other goods and services.
- 14. a business formed by two or more people who will usually share responsibility for the day-to-day running of the business. Partners usually invest capital in the business and will share profits.
- 15. unlimited wants cannot be met because there are limited factors of production. This creates scarcity.
- 17. products which are sold to the final consumer. They can be seen and touched, for example computers and food.
- 23. A good or service which people would like, but is not essential for living.
- 24. firms whose business activity involves the extraction of natural resources.
- 28. The benefit that could have been gained from an alternative use of the same resource.
- 30. the part of the economy that is controlled by the state or government.
- 33. A good or service which is essential to living.
- 34. People and businesses concentrate on what they are best at.
- 36. The process of producing goods and services to satisfy consumer demand.
- 37. a newly formed business. They usually start small, but some might grow to become much bigger.
- 38. firms that supply a service to consumers and other businesses.
Down
- 2. if an unincorporated business fails, then the owners might have to use their personal wealth to finance any business debts.
- 4. the part of the economy that is owned and controlled by individuals and companies for profit.
- 5. a person or organisation who owns shares in a limited company.
- 7. Production is divided into separate tasks and each employee does just one of those tasks.
- 8. often a large company, owned by shareholder who have limited liability. The company can sell its shares to the general public.
- 9. an economy where the resource are owned and controlled by both the private and public sectors.
- 10. The resources needed to produce goods-and-services - land, labour, capital and enterprise.
- 11. non-tangible products such as insurance services, transport.
- 13. the owners of a limited company
- 16. a business organisation that is owned and controlled by the state.
- 18. a business that is owned and controlled by just one person who takes all of the risks and receives all of the profits.
- 19. the shareholders in a limited liability company which fails only risk losing the amount they have invested in the company and not any of their personal wealth.
- 20. capital the finance needed when first setting up a business.
- 21. the production and supply of goods to the final consumer involves activities from primary, secondary and tertiary sector businesses.
- 22. often a small to medium-sized company; owned by shareholders who have limited liability. The company cannot sell its shares to the general public.
- 25. There are not enough goods and services to meet the wants of the population.
- 26. two or more businesses agree to work together on a project and set up a separate business for this purpose
- 27. non-current assets offered as security against borrowing
- 29. firms that process and manufacture goods from natural resources.
- 31. a business system where entrepreneurs buy the right to use the name, logo and product of an existing business.
- 32. 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.
- 35. a payment, out of profits, to shareholders as a reward for their investment.