| A | B |
|---|
| Factors of Production | Ingredients used to make goods and services |
| Land | Natural resources used in the production process |
| Labour | Human effort in production |
| Capital | Equipment and money used to make products |
| Enterprise | Quality showed by the entrepreneur |
| Entrepreneur | Enterprising individual |
| Market | Arrangement that links buyers and sellers |
| Buyers and Sellers | Persons who provide supply and demand for products |
| Consumers | People who buy products for their own use |
| Marketing | Identifying and meeting consumers' needs |
| Market Segmentation | Splitting the market into different categories of consumer |
| The Marketing Mix | 4 Ps that help sell good successfully |
| Market Research | Finding out what customers want |
| Field Research | Finding first hand information about the market |
| Desk Research | Secondary information about the market |
| Rent | The reward to Land |
| Wages and Salaries | The reward to Labour |
| Interest and Dividends | The reward to Capital |
| Profit | The reward to Enterprise |
| Risk | Difficulty faced by the Entrepreneur |
| Business Plan | Document produced by a new business starting up |
| Cash Flow | Details of how money comes in and goes out |
| Consumer Panel | Group of people who test a product |
| Testing the Market | Trying out a product in a small area |
| Impulse Buying | Purchase made on the spur of the moment |
