| 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 |
