Understanding Business Activity

2. Unlimited wants cannot be met because there are limited factors of production.
4. Loss of the other alternative when one alternative is chosen.
6. All natural resources such as minerals, ores, fields, oil and forests.
9. Firms that process and manufacture goods from natural resources.
11. Goods and services that people would want, but is not essential for living.
12. Firms that supply a service to consumers and other businesses.
13. There are not enough goods and services to meet all the needs and wants of the population.
14. The part of an economy that is controlled by the state or government.
15. Firms whose business activities involve the extraction of natural resources.
19. An economy where the resources are owned and controlled by both private and public sectors.
20. Goods and services that are essential for living.

1. The number of people available to work.
3. The process of producing goods and services to satisfy consumer demand.
5. Includes the people that are ready to take the risks of setting up businesses.
7. The machinery, equipment and finance needed to produce goods and services.
8. The part of an economy that is owned and controlled by individuals and companies for profit.
10. The resources that are needed to produce goods and services: land, labour, capital and enterprise.
16. Things that are intangible, but there.
17. Something people are good at or have a very comprehensive understanding of a specific area
18. Things you can physically touch.