| A | B |
|---|
| PRODUCER | SOMEONE WHO MAKES A GOOD OR SERVICE |
| PRODUCTION | THE BRINGING INT0 EXISTENCE OF GOODS AND SERVICES |
| INTERDEPENDENT | MUTUAL DEPENDENCE |
| SPECIALISATION | WHEN A PERSON OR COMPANY CONCENTRATES ON THE PRODUCTION OF A GOOD OR SERVICE |
| PRIVATE GOODS | GOODS AND SERVICES PAID FOR BY THE CONSUMER AND PROVIDED THROUGH THE MARKET PLACE |
| PUBLIC GOODS | GOODS PROVIDED BY GOVERNMENT |
| COLLECTIVE GOODS | GOODS PROVIDED THROUGH TAXATION |
| COLECTIVE GOODS CONSIST OF | PUBLIC AND MIXED GOODS |
| MIXED GOODS | GOODS PROVIDED BY BOTH THE PUBLIC AND PRIVATE SECTOR |
| CORPORATISATION | CONVERTED GOVERNMENT DEPARTMENTS INTO PROFIT MAKING ORGANISATIONS |
| PRIVATISATION | SELLING OFF OF SOE'S TO THE PRIVATE SECTOR. |
| CO-OPERATIVE | AN ENTERPRISE OWNED BY ITS MEMBERS. |
| PRIMARY SECTOR | EXTRACT RAW MATERIALS FROM THE LAND |
| SECONDARY SECTOR | PRODUCES AND PROCESSES RAW MATERIALS INTO FINISHED AND SEMI FINISHED GOODS. |
| TERTIARY SECTOR | PROVIDES SERVICES TO ALL SECTORS AND CONSUMERS |
| CAPITAL INTENSIVE | USES MORE CAPITAL THAN LABOUR |
| LABOUR INTENSIVE | USES MORE LABOUR THAN CAPITAL |
| SOLE TRADER | A BUSINESS OWNED BY ONE PERSON |
| PARTNERSHIP | A BUSINESS OWNED BY 2 - 25 PEOPLE |
| REGISTERED COMPANY | A COMPANY OWNED BY SHAREHOLDERS |
| A MAJOR ADVANTAGE OF A REGISTERED COMPANY | LIMITED LIABILITY |
| A MAJOR DISADVANATAGE OF A SOLE TRADER AND A PARTNERSHIP | UNLIMITED LIABILITY |
| DEFINITION OF LIMITED LIABILITY | THE OWNERS PERSONAL ASSETS CANNOT BE TOUCHED IF THE COMPANY GOES INTO LIQUIDATION |
| DEFINITION OF UNLIMITED LIABILITY | THE OWNERS PERSONAL ASSETS CAN BE SOLD OFF TO PAY OFF ANY DEBTS IF THE FIRM IS LIQUIDATED |
| LIQUIDATION | WHEN THE ASSETS OF THE COMPANY ARE SOLD OFF TO PAY OFF ANY DEBTS. |
| RECEIVORSHIP | WHEN A COMPANY IS MANAGED BY A RECEIVOR TO TRY AND TRADE THE FIRM OUT OF DEBT |
| THE MAIN GOAL OF MOST PRODUCERS | PROFIT MAXIMISATION |
| SALES MAXIMISATION | WHEN A FIRM WANTS TO GET MARKET SHARE. |
| SATISFICING | THE OWNER DECIDES IT IS MAKING ENOUGH PROFIT AND CONCENTRATES ON OTHER THINGS |
| DOMINO EFFECT | WHEN ONE BUSINESS FAILS IT CAUSES OTHER BUSINESSES TO FAIL TOO. |
