Understanding business activity

1. the next best alternative forgone by choosing another item.
3. an asset that a lender accepts as security for a loan
5. the output measured against the inputs used to produce it.
7. an agreement between two or more businesses to work together on a project.
8. a subset of a population that is used to represent the entire group as a whole
10. the owners of a limited company
12. taxes on imports
13. the money required in the business.
17. the specific, measurable results that companies hope to maintain as their organisation grows.
18. a good or service that people would like to have
19. a good or service essential for living.
21. company, or institution that owns at least one share of a company's stock
23. a formal arrangement by two or more parties to manage and operate a business and share its profits
25. the natural resources that can be obtained from nature
26. income, especially when of an organization and of a substantial nature
27. any fault in equipment that can halt production and waste valuable time.
28. the physical and mental efforts put in by the workers in the production process
30. the value added to the product when sold

2. the basic economic problem
4. products are being sold in markets all over the world, so there are more competitors in the market
6. method of distributing products or services involving a franchisor
9. selling the same product to the whole market with no attempt to target groups with in it
11. when one business buys out the owners of another business
14. the finance, machinery and equipment needed for the production of goods and services
15. trader a self-employed person who owns and runs their business as an individual
16. recruitment when a vacancy is filled by an existing employee of the business.
20. an individual who creates a new business
22. a reward, cash or otherwise, that a company gives to its shareholders
24. the form of recording , watching, auditing.
29. new or small firms usually have it as a primary objective.