Business key terms

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Across
  1. 2. Is the idea
  2. 6. Unlimited wants + limited resources=
  3. 9. When workers and businesses focus on what they are best at.
  4. 10. Two Different
  5. 12. of labour is when the production process is split into different tasks and each worker performs a different part of the task.
  6. 14. Same industry, different stages of production
  7. 15. Raw materials (extraction)
  8. 16. “A document containing business objectives and essential details about the business's operations, finance and ownerssiness.
  9. 17. This can be rented or bought. It also includes natural resources such as oil, forests, and rivers.
  10. 18. or Service Give details about what products you hope to provide and sell. Give rough guides to the prices that you may charge.
  11. 19. Same stage of production.
Down
  1. 1. Skills This is the person who develops the business idea and runs the business. An entrepreneur takes the risks, has the ideas and reaps the rewards through profit (or suffers any losses!)
  2. 3. Services
  3. 4. Desirable
  4. 5. Manufacturing
  5. 7. Have to have
  6. 8. These are the physical equipment, tools and machinery needed to run the business. Capital also includes money that is used to set the business up.
  7. 11. forecasts Projections, cash flow for 1 year.
  8. 13. difference between the selling price and cost of production
  9. 17. This includes all the people who are paid for their services and also people who offer their services for free (e.g. voluntary workers or the family of a business owner.)