Business study 2024 final exam Question with complete Answers
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Course
Business study
Institution
Business Study
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...
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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