Business studies

4. a document which outlines the aims of a business to persuade the investors to finance a business proposal
7. a newly formed business which can grow by time
8. the lack of goods and services for unlimited people's wants
10. goods or services which people would like, but are not essential for living
11. goods or services that are essential to living
12. the part of the economy that is controlled by the government
15. the amount a business earns from the sale of its products
16. It occurs when a business expands by developing new products and finds new markets for its products
17. A mix of private sector and public sector enterprises
20. resources used to produce goods and services for people

1. the focus on specific tasks and activities.
2. the ability to cut costs, win a greater share of the market and develop new products or sell them to new markets
3. the process of producing goods in order to satisfy people's needs and wants
5. the part of the economy where the resources are owned and controlled by both the private and public sectors.
6. a person who has an idea of a business and takes the financial risk of starting up and managing it
9. things that are bought for our own satisfaction
13. equipment, devices and financial resources used to produce goods and services
14. unlimited wants which can not be reached because of the lack of factors of production which creates scarcity
18. The benefit that could have been gained from an alternative use of the same resource
19. firms whose business activity involves the extraction of natural resources