Key Economic Terms

7. An obligation by a business owner to pay off debts only to a limited amount in the case of business failure
8. A person who purchases goods and services to satisfy needs and wants
9. Inputs used in production, including natural, labour, capital and enterprise
12. A business owned and operated by between two and 20 people
15. Things done for you by others
16. Any organisation that produces and sells, for a profit, the goods and services that satisfy out needs and wants
17. A person or business that makes goods and provides services

1. A business owned and operated by between two and 50 private owners
2. Things that are not essential for survival but that we would like to have
3. Items that you can see and touch
4. An obligation by a business owner to be personally responsible for all the debts of the business if it fails
5. A trend that sees people, goods money and ideas moving around the world faster and cheaper than before
6. Those things that are necessary for survival, such as water and food
10. A business owned and operated by an unlimited number of people called shareholders
11. Any token, with an agreed value, that people accept as payment in exchange for a good or service
13. A business owned and operated by one person
14. To swap one good for another