the act or process of trying to get or win something others are also trying to get or win. Businesses _____________ against each other when they provide a similar good and service to people.

items sold or exchanged that can be seen and touched.

a business that operates on a very small scale. Usually contain 1-5 people as employees.

agreement where one company contacts and hires another company to complete a job.

an association to two or more people. _______________ can exist between more than two people as well.

how efficiently business or government use resources to produce goods and services.

the state of owning a business or holding property. A sole ________________ is when a business is owned by one person.

Things we use to create goods and provide services. The four types of ______________ (known as factors of production) are land, labour, capital and enterprise.

the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit, such as shopping centres, specialty stores, or online stores.

A person who sells something, for example goods and services.

an action that is provided by one person or business to another, for example, car repair, teacher providing an education and hairdresser cutting hair.

The economic problem of having unlimited wants and needs, but limited resources that can be used to achieve them.

existing in or as part of a tradition; long-established. In terms of economics, these markets use bartering as a form of exchanging goods and services and only produced as much as was needed.

a person above a specified age not being in paid employment or self-employment but currently available for work during the reference period.

a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time. Whenever we buy things, they come with these guarantees in accordance with Consumer Protection Laws.

The use of goods and services by a household.