Cambridge IGCSE Business Studies Study guides, Class notes & Summaries

QUESTIONS AND ANSWERS

QUESTIONS AND ANSWERS

QUESTIONS AND ANSWERS

A Need Correct Answer A good or service essential for living. A want Correct Answer A good or service that people would like to have, but which is not essential for living. Economic problem Correct Answer Unlimited wants but limited resources - this creates scarcity. Scarcity Correct Answer Lack of sufficient products to satisfy total wants of population. Opportunity Costs Correct Answer The next best item given up by choosing another. Factors of production Correct Answer Resource...