Business Studies

5. the people that are employed by the business and are directly involved in its activities
8. the owner of a business (the franchisor) grants a licence to another person or business (the franchisee) to use their business idea
11. legal agreement between two or more (usually, up to twenty)people to own, finance and run a business jointly and to share all profits
14. sector where the government owns and runs business ventures
17. needs that allow the human being to grow psychologically
18. a company typically in the early stages of its development
20. protects the workers and customers from the business’ activities and safeguard their interests
21. this sector involves the manufacture of goods using the resources from the primary sector
22. when the owner of two businesses agree to join their firms together to make one business
24. a good or service that people would like to have, but is not required for living
26. the risk taking ability of the person who brings the other factors of production together to produce a good or service
27. the basic economic problem when there are unlimited wants and limited resources to produce the goods and services to satisfy those wants
28. the reason why employees want to work hard and work effectively for the business
30. the business will continue even if one of it’s owners retire or die

1. any organization that uses all the factors of production (resources) to create goods and services to satisfy human wants and needs
2. additional amount paid to workers for good work
3. when one business buys out the owners of another business , which then becomes a part of the ‘predator’ business
4. companies that can sell shares, unlike partnerships and sole traders, to raise capital
6. a business that is not legally separate from the investors
7. part of the profit; a return on investment
9. paid to salesperson, based on a percentage of sales they’ve made
10. this sector involves the use/extraction of natural resources
12. a group of workers is given responsibility for a particular process, product or development
13. a person who organizes, operates and takes risks for a new business venture
14. sector where private individuals own and run business ventures
15. any person or group that is interested in or directly affected by the performance or activities of a business
16. they purchase and consume the goods and services that the business produces/ provides
19. the aims and targets that a business works towards to help it run successfull
23. a rapid increase in the manufacturing sector
25. when a person or organisation concentrates on a task at which they are best at
29. a document containing the business objectives and important details about the operations, finance and owners of the new business