Term 1 Review

2. Companies owned by shareholders but can't sell shares to the public
7. A business owned by 1 person
14. Company sales / Total market sales X100
17. Where 2 or more businesses start a new project together
19. This sector provides services
21. Shareholders are only liable for the amount they invested
22. Selling price - Cost of bought-in materials
23. Unlimited wants + Limited resources =
26. Liability where the owners are held responsible for the debts of the business
27. A business that doesn't have separate legal identity
29. The next best alternative given up by choosing another item
30. Businesses owned and operated by the government
33. This sector extracts and uses natural resources to produce raw materials
34. Involves workers swapping around and doing different tasks for a limited time
35. Wages paid for each unit of output
36. Payments made to shareholders from profits of the business

1. Companies that sell shares on the stock exchange
3. When people/businesses concentrate on what they are best at
4. Business jointly owned by 2 or more people
5. Any person or group with an interest in a business
6. Involves adding tasks that require more skill or responsibility
8. When owners of 2 businesses agree to join their businesses into 1
9. Owners of limited companies
10. Integrating with another business in same industry at same stage of production
11. Land, Labor, Capital, Enterprise
12. Integrating with another business in the same industry at a different stage of production
13. Aims or targets a business works towards
15. This sector manufactures goods
16. This economy has both private and public sectors
18. The total value of capital used in a business
20. When one business buys out the owners of another business
24. The process of improving a worker's skills
25. Integrating with another business in a different industry
28. Payment related to number of sales made
31. An additional payment above basic pay as reward for good work
32. Payment, usually paid monthly