//BUSINESS ACTIVITY //

Need

want

economic problem

scarcity

opportunity cost

factor of production

business

specialization

division of labour

added value

//CLASSIFICATION OF BUSINESS//

primary sector

secondary sector

tertiary sector

private sector

public sector

privatisation

//ENTERPRISE, BUSINESS GROWTH & SIZE//

entrepreneur

business plan

capital employed

internal growth

external growth

takeover

merger

horizontal integration

vertical integration

conglomerate integration ( diversification)

//Types of business organization//

sole trader

partnership

limited liability

incorporated business

Unincorporated business

private limited company

public limited company

shareholders

dividends

franchise

joint venture

Public corporation