Business Studies Definition Unit 1

1. a payment from the government to encourage a business to increase supply (7)
4. gathering information that has been collected for some other purpose (4, 8)
5. Raw materials required to produce goods (5)
9. a business needs sufficient inflows of cash to finance its day-to-day outgoings (4, 4)
10. when the change in demand or supply that results from a price change is less than the change in price that caused it (9)

1. something that acts as assurance to a lender that it will get its money back if a business is unable to payback money it has borrowed (8)
2. the cost of the next best alternative that has to given up when a decision is made (11, 4)
6. collecting information on customers and their needs- this is essential if a business is to produce the right products at the right price (6, 8)
7. application of practical or mechanical sciences to industry or commerce, as a means of improving efficiency (10)
8. appointing from outside the business (8, 11)

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