The lack of sufficient products to satisfy the total wants of the population

(a)  

A good or service which people would like to have but which is not essential for living.

These are unlimited

(a)  

The resources need to produce goods or services. There are four and are in limited supply

(a)  

The next best alternative given up by choosing another item

(a)  

When the production process is split up into different tasks and each worker performs one of these tasks

(a)  

An enterprise that combines factors of production to make products which satisfy the people’s wants

(a)  

The aims or targets that a business works towards

(a)  

The difference between the selling price of a product or service and the cost of bought in materials and components

(a)  

Any person or group with direct interest in the performance and activities of a business

(a)  

Extracts and uses the natural resources of the Earth

(a)  

Manufactures goods using the raw materials provided by the primary sector

(a)  

Provides services to consumers and the other sectors of industry

(a)  

When there is a decline in the importance of the secondary sector industry in a country

(a)  

No government control over factors of production

(a)  

Results from their being unlimited wants but limited resources to provide the goods and services to satisfy these wants. This creates scarcity

(a)  

The money invested into a business by the owners

(a)  

The surplus after total costs have been subtracted from the sales revenue

(a)  

When a business expands its existing operations

(a)  

When a business takes over or merges with another business

(a)  

When one business buys out the owners of another business which then becomes part of the predator business

(a)  

When one firm merges with or takes over another one in the same industry at the same stage of production

(a)  

When one firm merges with or takes over another one in the same industry but at different stages of production

(a)  

When owners of two companies agree to join together their firms to make one business

(a)  

When one firm merges with or takes a firm in a completely different industry

(a)  

The owners of a company cannot be held responsible for the debts of the company they own and their liability is only limited to the investment they made in buying the shares

(a)  

Written and legal agreement between business partners

(a)  

One that does not have a separate legal identity

(a)  

A detailed document issued by the directors of a company when they are converting it to a PLC status. It is an invitation to the general public to buy shares in the newly formed PLC.

(a)  

The owners of a company who buy shares which represent part ownership of the company

(a)  

A legal requirement for all companies in which it is voted on who should be on the Board of Directors for the upcoming year

(a)  

Payments made to shareholders from the profits of a company after it has paid corporation tax. They are the return to the shareholders for investing in the business

(a)  

A business based upon the use of the brand names, promotional logos and trading methods of an existing successful business

(a)  

Refers to the levels of management and division of responsibilities within an organization

(a)  

A person who organises, operates and takes the risk for a new business venture

(a)  

A document containing the business objectives and important details about the operations, finance and owners of the new business

(a)  

The total value of capital used in a the business

(a)  

Another way to referring to conglomerate integration

(a)  

A form of business in which two or more people agree to jointly own a business

(a)  

A business owned by one person

(a)  

The written and legal agreement between business partners.

(a)  

The liability of shareholders in a company is limited to only the amount of money they invested

(a)  

The owners of a business can be held responsible for the debts of the business they own without limit into their personal wealth

(a)  

A business that does not have a separate legal identity. Sole traders and partnerships are an example of these.

(a)  

Companies that have separate legal status from their owners

(a)  

The owners of a limited company. They buy shares which represent part-ownership of the company

(a)  

Businesses owned by shareholders who can not sell shares to the public

(a)  

Businesses that trade in the stock exchange owned by shareholders

(a)  

Where two or more businesses start a new project together, sharing capital, risks and profits

(a)  

A business in the public sector that is owned and controlled by the state

(a)  

The aims or targets that a business works towards

(a)  

Total income of a business (revenue) less total costs

(a)  

The percentage of total market sales held by one brand or business

(a)  

A company that has social objectives as well as an aim to make profit to reinvest back into the business

(a)  

Any person or group with a direct interest in the performance or activity of a business

(a)