IGCSE BUSINESS CHAPTER 1

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Across
  1. 1. A good or service that you wish to have, so as to add comforts in your life, but not essential for living.
  2. 7. A person, company, or country that makes, grows, or supplies goods or commodities for sale
  3. 9. of Labour When the production process is split up into different tasks and each worker performs one of these tasks. It is a form of specialisation.
  4. 13. Service The support a business offers their customers — both before and after they buy and use a business's products or services.
  5. 14. Combine factors of production to make products (goods and services) which satisfy people's wants.
  6. 15. These are the non-physical, intangible parts of our economy, as opposed to goods
  7. 17. This is the skill and risk-taking ability of the person who brings the other resources of the factors of production together
  8. 19. This is the number of people available to make products
  9. 20. An individual who purchases goods and services for personal use.
  10. 21. The lack of sufficient products to fulfil the total wants of the population.
  11. 22. The finance, machinery and equipment needed for the manufacturer of goods
  12. 23. This is the reduction in the amount of wasted resources that are used to produce a given number of goods or services (output)
Down
  1. 2. Value The difference between the selling price of a product and the cost of bought in materials and components
  2. 3. Occurs when people and businesses concentrate on what they are best at
  3. 4. These are tangible things that are produced, bought or sold, then finally consumed
  4. 5. of Production Those resources needed to produce goods or services. There are four factors of production and they are in limited supply.
  5. 6. This measures how efficiently production inputs, such as labour and capital, are being used in an economy to produce a given level of output
  6. 8. An item offered for sale. It can be a service or an item. It can be physical or in virtual or cyber form
  7. 10. These are consumer goods that do not wear out quickly, and therefore do not have to be purchased frequently
  8. 11. Cost The next best alternative given up by choosing another item
  9. 12. Products designed to be used once and then disposed of or destroyed
  10. 16. This refers to all the natural resources provided by nature and includes fiends and forests, oil, gas, metals and other mineral resources
  11. 18. A good or service essential for living
  12. 20. An individual consumer or organisation that purchase goods or services from a business.
  13. 24. Problem There exists unlimited wants but limited resources to produce the goods and services to satisfy those wants. This creates scarcity.