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QR Challenge: Section 1: Topic 1 and 2

Question	Answer
A good or service essential for living	need
A good or service which people would like to have, but which is not essential for living	wants
Exist unlimited wants but limited resources to produce the goods and services to satisfy those wants	economic problem
Resources needed to produce goods or services	Factors of production
Lack of sufficient products to fulfil the total wants of the population	Scarcity
The next best alternative given up by choosing another item	opportunity cost
When people and businesses concentrate on what they are best at	specialisation
When the production process is split up into different tasks and each worker performs one of these tasks	division of labour
The difference between the selling price of a product and the cost of bought-in materials and components	Added value
The industry extracts and uses the natural resources of Earth to produce raw materials used by other businesses	Primary sector
The industry provides services to consumers and the other sectors of industry	Tertiary sector
When there is a decline in the importance of the secondary, manufacturing sector of industry in a country	De-industrialisation
The industry manufactures goods using the raw materials provided by the primary sector	Secondary sector
It has a both private sector and public sector	Mixed economy
The money invested into a business by the owners	Capital
A person who organises, operates and takes the risk for a new business venture	Entreprenur
A document containing the business objectives and important details about the operations, finance and owners of the new business	A business plan