CAPITAL GOODS - goods used tp produce other goods such as tools, equipment and machinery.
CONSUMERS - individuals who use or 'consume' goods and services to satisfy their needs and wants.
CONSUMER GOODS - durable and non-durable goods produced for general use by the public.
CUSTOMERS - individuals or other businesses that buy goods and services supplied by businesses.
DE-INDUSTRIALISATION - the decline in manufacturing.
DIVISION OF LABOUR - Specialisation in specific tasks or skills by individuals/
EXOGENOUS SHOCK - an unexpected event that the business has no control over eg natural disasters.
FACTORS OF PRODUCTION - resources used by businesses to produce goods and services
MARKETS - anywhere that buyers and sellers communicate to exchange goods and services
MONEY - any substance which is generally accepted as a means of exchange
NEEDS - human requirements which must be satisfied for survival eg water, shelter and warmth
OPPORTUNITY COST - benefit of the enxt best option foregone when making a choice between a number of alternatives
PRIMARY PRODUCTION - activities which involve the extraction of raw materials from the earth and the growing of goods
SECONDARY PRODUCTION - transformation of raw materials into finished goods
TERTIARY PRODUCTION - activities which involve the provision of services
SPECIALISATION - in business, the production of a limited range of goods
WANTS - human desires which are unlimited (infinite)
BUSINESS OR ENTERPRISE - an organisation whose principal economic purpose is to produce goods and services
ENTREPRENUER - an individual who, typically, sets up and runs a business and takes risks, associated with this
COPYRIGHT - legal ownership of material such as books, music and films which prevents those being copied by others
FRANCHISE - an agreement where a business (the FRANCHISOR) sells the rights to other businesses (the FRANCHISEE) allowing them to sell their products or use the company name and branding etc