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Business study 2024 final exam Question with complete Answers $12.99   Add to cart

Exam (elaborations)

Business study 2024 final exam Question with complete Answers

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Business study 2024 final exam Question with complete Answers Needs We cannot live without these. Wants They benefit us but are not necessary to live. Scarcity Lack of sufficient resources. Needs (example) Water, food, housing. Wants (example) Soft drinks, chocolate, furniture. Opportu...

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  • August 13, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Business study
  • Business study
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Edwardsus
Business study 2024 final exam Question with
complete Answers

Needs

We cannot live without these.




Wants

They benefit us but are not necessary to live.




Scarcity

Lack of sufficient resources.




Needs (example)

Water, food, housing.




Wants (example)

Soft drinks, chocolate, furniture.




Opportunity Cost

The next best alternative.




Factors of Production

, Resources needed to produce goods and services.




Factors of Production (List)

Land.

Labour.

Capital.

Enterprise.




Land

All natural resources.




Land (examples)

Coal, oil, gas.




Labour

The number of people hired.




Capital

Finance and machinery.




Entrepreneur

Someone who organises, operates and takes risks in a new business venture.

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