business studies

1. educational background and what they have done.
3. able to cut costs and win a greater share of the market
5. If the business succeeds, the entrepreneur makes a profit.
7. concerned with using natural resources. They include farming, mining and oil drilling
11. Goal: provide an essential economic service for the nation.
12. describe the market research that has been carried out, what it has revealed and details of prospective customers and competitors.
14. investing in new products or selling more of existing products.
15. The benefit that could have been gained from an alternative use of the same resource
17. on of the characteristics of a successful entrepreneur
20. To create products and services

2. good or services which people would like, but not essential for living
4. the focus on specific tasks and activities. It can lead to increased production levels, and result as over-concentration on particular activities and products.
6. give something of value to people, but are not physical goods like cinema, or a lesson.
8. when a business tries to add value at every stage of the production process so that they can sell the product or service to customers at a greater price.
9. when one business gains control of part of another business
10. a complete description of a business and its plans for the next one to three years
12. when two business combine to form a single company
13. concerned with making and assembling products manufacturers use raw materials and parts from other industries.
16. an economic system in which some industries are controlled privately and some by the government
18. goods or services that are essential to living
19. involves the takeover of another business or merger with another business.