good - things we can see and touch and some are durable and some are non-durable , services - services are things we cant see or touch, needs - needs are things we need for essentials like food and water, wants - things we want but can live without , phone , factors of production - land ,enterprize ,capital,labour , sectors of industry - primary, secondary,tertiary,quaternary, etor of economy - private ,public , third , sole trader - hairdresser's , plumbers,newsagents , partnership - doctors , dentist ,lawyers , public limited company - similar to private but they can sell shares of the company to the public , private limited company - These organisations are owned by invited shareholders and are controlled by a Board of Directors., franchises - The person/firm owning and running the business is the franchises,
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