Business Terms

5. Proceeds from the sale of goods and services to customers.
7. People and organizations who are willing and able to buy goods and services.
8. Organizations that produce goods and services.
9. Focusing production on a single or limited range of products in order to make the best use of scarce resources.
12. The benefit lost by not consuming or producing the next best product.

1. The difference between the price of a product over the cost of natural and man-made materials, components and resources used to make it.
2. consumers who buy goods or services from business organisation.
3. Using resources to make goods and services to satisfy consumer needs and wants.
4. The using up of goods and services to satisfy consumer needs and wants.
6. The dividing up of a production process into a number of sequential tasks,with each one completed by a different worker or group of employees.
8. Productive resources used to make goods and services.
10. A person with the know how and willingness to take risks and decisions necessary to set up and run a business.
11. Surplus of revenue over costs of production.