unit 1

?

what is the term for want?

a good or service which people would like to have out which is not essential for ligin people want are unlimited luxrey 

1 of 5

what is the term for needs?

a good or service of essential of living

2 of 5

what is the term of economic problems?

there exist unlimited wants but limited resources to produce the goods and services to satisfy those wants this create scarcity.

3 of 5

what is the term of opportunity cost?

is the best alternative given up by choosing another item.

4 of 5

what is the key term specialisation?

specialisation occurs when people and businesses concentrate on what they are best at.

Specialisation machinery and technology are now widely available.

5 of 5

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all needs and want resources »