need - a good or service essential for living, want - a good or service which people would like to have but which is not essential for living. They are unlimited., factors of production - productive resources used to make goods and services:, land - all natural resources, labour - human effort, capital - man-made resources such as machinery, entreprise - business know-how, skills and qualities including the willingness to take considered financial and other business risks., opportuity cost - the benefit lost by not consuming or producing the next best alternative product., specialization - focusing production on a single or limited range of products in order to make the best use of scarce resources., profit - a surplus of revenue over costs of production., primary sector - industries that produce or extract natural resources. (fishing, mining, agriculture), secondary sector - industries involved in processing natural resources, manufacturing or construction., terciary sector - industries that provide services. (restaurant, hairdressing salon), de-indutralization - the decline of manufacturing and the growth of services in developed economies., privatization - selling off or transferring public sector enterprises and activities to private sector firms., private sector - bussines owned anad run by private individuals, public sector - organizations owned by the state and run by the govermet, mixed economy - an economy that combines private sector and public sector ownership of resources and provision of goods and services., trading bodies - companies that don’t aim to have a profit as the revenues earned are used to cover their costs., entrepeneur - an enterprising person who is willing and able to take the risks and decisions necessary to organize resources to produce goods and services., bussines plan - a written statement about a business idea: how it will be organized, what the owners want to achieve with it and how they will do so., market share - the percentage of total market sales held by one brand or business., stakeholders - person or group with a direct interest in the performance and activities of a business,

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