key terms

3. A person who organizes ,operates and takes the financial risk for a new business venture
5. When one business buys out the owners of another business
8. Manufactures using the raw materials
12. difference between the selling price of a product and the cost of bought in materials
13. Natural resources to raw materials
16. when a business expands its existing operations
17. Has both a private and public sector
18. business owned by one person
19. Is the lack of sufficient products to fulfil the total wants of the population
21. Service someone would like to have

1. Decline in the secondary sector in a country
2. Provides services to consumers and other sectors of industry
4. when people and businesses concentrate on what they are best at
6. when one business mergers with or takes over another one and the same industry but at a different stage of production. This can be forward or backward vertical integration
7. when a business takes over or mergers with another business. It is often called integration as one business is integrated into another one
9. when one business mergers with or takes over another in the same industry at the same stage of production
10. the next best alternative given up by choosing another item
11. Service essential for living
13. form of business in which two or more people agree to jointly own a business
14. When the owners of two businesses agree to join their businesses together
15. total value of capital used in the business
20. Money invested in a business by its owners