Chapter 1 and 2

____________are a type of private sector business entity owned by 2-20 people.

An __________occurs when a business sells all or part of its business to shareholders on a public stock exchange for the first time

_________are people's desires, i.e. the things they would like to have, e.g. new clothes, smartphones, jewellery

Due to their larger size, companies can benefit from lower unit costs of production. This is called ____________

Organisations that are partially or wholly owned by the government are called _________ companies

The legal contract signed by the owners of a partnership is called _____________

The feature of sole traders and ordinary partnerships who are legally responsible for all monies owed to their lenders, even if this means they have to sell their personal possessions to pay for their debts is called _________________

_________taking is an advantage for a sole trader business

The appreciation in the value of the business, especially land and property over time, is called __________

The people who manage, organise and plan the resources needed for business activity to meet organizational objectives are called ____________