Business Activity key terms

The people prepared to take the risk of setting up business

The process of producing goods and services to satisfy consumer demand

Production is divided into separate tasks and each worker does just one of those tasks

The resources needed to produce goods and services - land, labour, capital and enterprise

Selling a good or service for more than it cost to produce

What am I? "Tangible good which is sold to the public"

There are not enough goods and services to meet the wants of the population

The benefit that could have been gained from an alternative use of the same resource

Unlimited wants cannot be met because there are limited factors of production.

The number of people available to work

Machines, computers and equipment are examples of

Which of these is not a way that business can increase added value?

Machinery, equipment and finance needed for production of goods and services

All the natural resources such as minerals, ores, fields, oil and forests.

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