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 

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what is the term for needs?

a good or service of essential of living

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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.

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what is the term of opportunity cost?

is the best alternative given up by choosing another item.

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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.

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